As the Libra bears eased off the cryptocurrency market, an unlikely leader emerged. Stellar Lumens [XLM], the second of the two most prominent bank coins in the market, surged by over 10 percent over the hour, as the market recorded a positive correction.
Following the second of two hearings for Calibra’s David Marcus, Bitcoin dropped from $11,500 to under $9,500, while the altcoins experienced a bleed-over effect. The market was drowning in a sea of red, declining by over 15 percent on a 24-hour basis, while the collective market cap dropped to under $250 billion for the first time in over a month.
Stellar Lumens, despite not having the best year, rose by over 15% over the last 24 hours and 10% over an hour. Further, on the back of this massive surge, XLM stormed into the top 10 by ousting Tron [TRX].
Two prominent reasons were behind Stellar Lumens’ bump in price. The first was Poloniex, the American cryptocurrency exchange, announcing that over 1.2 million XLM had been “distributed” to the exchange’s customers owing to Stellar inflation rewards.
Over 1.2M Stellar Lumens have now been distributed to Poloniex customers via Stellar inflation rewards!
— Poloniex Exchange (@Poloniex) July 16, 2019
The other source of the Stellar Lumens pump came from its banking partner in crime, IBM. The American IT company’s blockchain project, ‘World Wire,’ which operates on the Stellar protocol, has been an important catalyst to the XLM surge. And in this instance, an IBM blessing resulted in a Stellar Lumens pump.
According to CNBC,