Stellar (XLM) Surges 30%, Overtakes Zcash in Crypto Market Rankings

Stellar ($XLM) rose as much as 10% in the past day following positive developments that caused it to briefly overtake privacy token Zcash (ZEC) in market rankings. This jump added up to a weekly gain of 30%, which momentarily took Stellar above Zcash in market rankings.

In the past day, it was announced that cross-chain swaps have gone live on SushiSwap for $XLM and $USDC on Stellar. This implies $XLM and $USDC on Stellar are available for cross-chain swaps across over 40 chains.

In a recent tweet, Circle revealed CCTP as being supported on Stellar, explaining details about the key integration.

Stellar JS SDK v16.0.0 also went live in the past day, landing alongside the recent Protocol 27 testnet upgrade.

Archax introduced GOVY, a tokenized, perpetual US Treasury Bill product designed to align with high-quality liquid assets (HQLA Level 1) principles, providing direct, legally enforceable exposure to continuously rolling short-dated US T-Bills.

The treasury bill product launched on Ethereum, Hedera and Stellar and will be initially available to non-US investors. However, Stellar gave back its daily gains, with its price retracing back into the red.

Zcash regains ranking

Stellar ($XLM) rose for five straight days from June 14 to 18, reaching a high of $0.2515 before profit-taking set in. Stellar is currently in the red, dropping to a low of $0.214, and hence erasing daily gains.

At the time of writing, Stellar was down 10.82% in the last 24 hours to $0.217. The drop shaved off a significant portion of its weekly gains, with the $XLM token up 14%.

Consequently, Stellar’s market cap fell to $7.39 billion, allowing Zcash to regain its lead. With a current market cap of $7.46 billion, Zcash ranked as the 12th largest cryptocurrency at press time, ahead of Stellar, which stayed in the 13th spot.

Zcash was also trading down in line with the broader market declines, albeit with fewer losses, down 4.44% in the last 24 hours to $446, according to CoinMarketCap data.