Stellar Lumens experienced a significant drop of 10.08% on Friday, marking its largest one-day percentage loss since 2018. The cryptocurrency's market cap declined to $4.77B, representing 1.80% of the total cryptocurrency market. Over the past seven days, Stellar Lumens has faced a decline of 18.28%, despite trading within a range of $0.25152 to $0.32540. Currently, it remains 72.66% below its all-time high of $0.92.
Stellar Lumens Plummets by 10% in Largest Single-Day Loss Since 2018
London, UK - Friday, August 20, 2021 - In a dramatic turn of events, Stellar Lumens (XLM) experienced a sharp decline in its market value on Friday, August 20, marking the largest single-day percentage loss since July 2018. By 20:39 GMT, XLM had fallen by a staggering 10.08%, reaching a value of $0.25152 on the Investing.com Index.
This steep decrease has significantly impacted XLM's market capitalization, which has now dipped to $4.77 billion. At its peak, XLM's market cap had soared to an impressive $12.12 billion. The current market capitalization represents approximately 1.80% of the total cryptocurrency market valuation.
Over the past seven days, XLM has witnessed a cumulative decline of 18.28%, further highlighting the cryptocurrency's recent downward trend. Within the past 24 hours, the volume of XLM traded amounted to 65.80 million units, accounting for a mere 0.53% of the total cryptocurrency trading volume. The price range during this period has fluctuated between $0.25152 and $0.26037.
XLM's current price remains significantly below its all-time high of $0.92, which it reached on January 3, 2018. The difference between the current price and the all-time high now stands at a noteworthy 72.66%.
Meanwhile, other major cryptocurrencies have also experienced losses. Bitcoin (BTC) has fallen by 2.65%, currently trading at $7,410.0 on the Investing.com Index. Ethereum (ETH) has also declined in value, dropping by 4.15% to reach $403.57 on the same index.
Despite the recent market volatility, Bitcoin's market cap remains dominant, accounting for approximately 48.79% of the total cryptocurrency market valuation. Ethereum's market cap stands at $41.33 billion, representing around 15.62% of the market's total value.
The reasons behind XLM's sudden plunge remain unclear, but market analysts speculate that it could be attributed to a combination of factors, including profit-taking from earlier gains and a general decline in investor sentiment within the cryptocurrency market. Nonetheless, the sharp drop has raised concerns among XLM holders and has cast uncertainty on the cryptocurrency's short-term prospects.
