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Stellar (XLM) has seen a surge in the price of its token following the court’s decision in the U.S. Securities and Exchange Commission and Ripple’s case. Altcoins led the rally, posting massive gains over the past 24 hours.
This sudden surge in price seems to have caught a lot of people by surprise, including Michael Van de Pope. The popular crypto trader hinted through a tweet that XLM could fall to $0.14 and then surge.
XLM price saw a massive increase in its value between Wednesday and Thursday. Even though the token has shed some of its gains, it is still trading at $0.1649, an 18% increase in the last 24 hours.
Additionally, the token has also recorded a boom in its trade volume. In the last 24 hours, XLM has recorded over $1.2 billion in trade volume, a 279% increase in the 24 hours, data from CoinMarketCap reveals. Likewise, its market cap has also increased, growing by 19% to sit at $4.5 billion.
As at press time, XLM is currently leading the crypto market in gains. Other altcoins like XRP, MALTIC, and SOL also recorded impressive gains. MATIC increased by 6%, XRP by 5.41% and SOL by 4.7%. However, they have all declined significantly in the last 24 hours.
The cryptocurrency market has been on a bullish run since the much celebrated court decision in favour of XRP. Many had viewed the outcome of the legal battle between the U.S. Securities and Exchange Commission and Ripple as one that would determine the future of the crypto ecosystem. A victory, although partial, has had the entire market in a good mood.
The entire crypto market has its highs on another potential bull run. Major cryptocurrencies like Bitcoin and Ethereum have also maintain a steadied hold over their price. Bitcoin, for instance, has moved over $30K after dropping to a 24 hour low of $29,794. Similarly, Ethereum has maintained a decent performance, currently trading at $1,920.
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