Stellar’s 38% Rally Along With LINK & IOTA Leading ‘Deep Red’ Market

For the past two days, altcoins are having a blast.

Previously, it has been XRP that has been leading the market gains, going above $0.30 level and now it’s rival Stellar.

While Bitcoin has been flat around $10,000, altcoins were surging like crazy.

But in the past 24 hours, the Bitcoin price crashed to $9,600, wiping out $400 in less than 5 minutes.

Although, Bitcoin price has since then made its way upwards to $9,800 — trading at $9,888 with 24 hours loss of 3.02 percent at the time of writing, as per Coincodex — this has the altcoins party come to an abrupt halt.

Top altcoins are down up to almost 7 percent, with Binance Coin in the lead with 6.49% losses. While Ethereum is barely above $200, XRP has taken a dive below $0.30 yet again.

USDT has fallen off its peg of 1 US dollar as well, trading at $0.9998.

Source: Coin360

However, it’s not all bloodbath in the cryptocurrency market.

Tenth largest cryptocurrency, Stellar (XLM) is dominating the market today with its 19.47% gains while trading at $0.08.

Stellar saw 100% gains as it went up from $0.058 on Sept. 17 to $0.11 on Sept. 18 on Coinbase.

However, XLM is still just over 90% away from hitting its all-time high at $0.875.

“Bounced straight from support to resistance (800 sats). Any weekly close above resistance and I'd expect 1500 sats to be hit,” said analyst DonAlt.

This rally might be jump-started by Stellar Development Foundation’s decision to have a 2 million XLM (worth $120 million) airdrop — the largest in its five-year history — over the next 20 months in collaboration with Keybase.

Apart from XLM, IOTA is in the green as well by 3.18% at $0.2814 while LINK is surging by more than 7% while trading at $1.84.

Cardano (ADA) is barely in the green by 0.63% at $0.051.

The capitalization of the entire market that went up to $273 billion, today took a sharp pullback to $261 billion — ending up right where it started before the altcoins went crazy.

Bitcoin dominance has also nosedived, from 73.4% on Sept. 6, we have dropped to below 70% to 69.5%, a level last seen in mid-August.

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