On Tuesday, Bitfinex and Tether CTO, Paolo Ardoino, tweeted that it appears that Stellar network is experiencing some issues. Some moments after, the Stellar team revealed that the issue is from the network Horizon service due to some validators opting out of the network.
— Paolo Ardoino (@paoloardoino) April 6, 2021
According to Stellar’s announcement, they would continue working to resolve the problem. As a result, Paolo revealed that Bitfinex is holding off the XLM withdrawals. Lumen (XLM) is the native token for the stellar blockchain, an open-source blockchain payments platform.
Stellar aims to facilitate transactions between financial institutions through blockchain technology. It also offers quick access to affordable transactions in developing markets since it does not require miners to validate transactions.
XLM Amidst Other Altcoins Push Crypto Market Cap to $2 Trillion
The price rally experienced by Bitcoin and altcoins has pushed the market cap of all crypto assets to $2 trillion. This week alone, most altcoins have made double-digit growth according to data from Messari.
XLM is also not left out from the price rally after making enormous gains in the past 24 hours. In the past week, stellar has had huge breakouts and there were predictions for a bullish run.
The cryptocurrency has traded up by 9.42% after slipping from an intraday high of $0.581. Right now, the altcoin is currently trading around $0.5268 after breaking above the key resistant zone.
Although Bitcoin is beginning to lose its market dominance, the altcoins bull run will eventually benefit the largest cryptocurrency.