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Despite being one of the worst performers during Tuesday's dramatic sell-off, Stellar (XLM) is once again leading the market in terms of growth, after gaining more than 11% in the last 24 hours. Stellar's price now sits at $0.06.
The price rise was likely due to Coinbase allowing New York residents to buy Stellar.
The project has also seen its value grow against Bitcoin (BTC) in the last day, after climbing from yesterday's low of 0.0000063 XLM/BTC up to 0.0000073 as of writing. While that might not look much, its a 15% upturn.
Prior to the market dump on Tuesday, Stellar was performing particularly well, and even recorded a 30% price spike in a single day just last week. But, it was unable to resist the overall market decline when the market tanked. Despite the difficult conditions, it still managed to retain its position as the #10 largest cryptocurrency by market cap.
Over the long term, things are less positive. The cryptocurrency has now lost more than half of its value in the last three months. At the same time, the number of active Stellar accounts has also halved over the same period. Even worse, the number of operations (such as smart contracts being deployed, transactions being made) have dropped 90% since highs last month. So, while it may have enjoyed a short term Coinbase boost, it's unlikely to translate into long-term growth.