Connect with us

News

Stellar Lumens’ [XLM] network failure may have resulted in coin’s massive 16% fall over an hour

Namrata Shukla

Published

on

Stellar Lumens' [XLM] network failure may have resulted in coin's massive 16% fall over an hour
Source: Pixabay

The cryptocurrency market noted a sudden fall in Stellar Lumens’ [XLM] price, early on May 16. Over an hour, XLM fell by 16.18%. The price of the coin plunged from $0.1622 to $0.1360. However, it soon underwent a correction.

It can be speculated that technical issues with the Stellar network, issues that persisted for two hours, contributed to XLM’s price fall. However, the only people to recognize this problem were validators, tweeted Tim Swanson, Founder of PostOakLabs.

Swanson tweeted,

He further said that a mass of nodes ‘went down,’ which inadvertently caused a failure in the network. Since the network was not used frequently, the community and many others failed to notice it. A Reddit user, u/cryptobrant, posted on the r/Stellar subreddit about the same. The user added,

“As I understand it, most validators on the network, if not all of them, trust SDF nodes. So that means that SDF validators are needed for the network to reach consensus. They went down (reason?) and the network had to stop.”

The user later updated the post, adding,

“50 minutes after this post, it looks like Network is back :)”

Previously, Stellar underwent an accidental hard fork in December 2014, a development which caused panic in the market. XLM, which is based on Ripple’s Consensus protocol, was widely questioned about its integrity.

XLM had barely noted any growth in 2019. However, due to its recent pump, the coin noted a rise of 47.12% in 2019. In January 2019, it was valued at $0.1112. After the pump, the coin’s value reached $0.1636.



The fall of the now-eighth largest coin, caused it to be valued at $0.1435, with a market cap of $2.75 billion. The 24-hour trading volume of the coin was noted to be $709.36 million, with a growth of 19.34% over the day. Over the past seven days, the coin pumped by a massive 53.26%, and continued to grow by 1.78%, at press time.

AMBCrypto has reached out to Stellar Lumens to enquire about the reason behind its network issues. We will update the article as the story develops.





Subscribe to AMBCrypto’s Newsletter


News

Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

Published

on

Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending