Binance Coin [BNB] and Stellar Lumens [XLM] plunge by over 5% owing to market correction forces

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The cryptocurrency market was fairly bullish over the past few days. However, the grizzly bear finally woke up to ravage Binance Coin [BNB] and Stellar Lumens [XLM]. BNB, the seventh largest coin on CoinMarketCap, fell by 6% over the past day, followed by XLM, which noted a fall of 5% over the past 24 hours.

Binance Coin [BNB]

Source: TradingView

BNB’s fall could be associated with the recent pump that happened earlier this week. The fall witnessed today could just be the market correcting itself. At press time, the coin was valued at $15.82 with a market cap of $2.23 billion. BNB noted a 24-hour trading volume of $174 million, while it plunged by 6.06% over the past day. Binance coin noted a meager growth of 0.25% over the past seven days, but fell by a staggering 2.44% in an hour.

The coin was highly traded on Binance exchange, contributing $81 million via the trading pairs BNB/USDT and BNB/BTC pairs. LBank followed, contributing $14 million in volume via the BNB/USDT pair.

Stellar Lumens [XLM]

Source: Trading view

Source: TradingView

The one-hour chart for XLM showcased the ninth largest token undergoing a correction after it pumped following the World Wire announcement. At press time, XLM was valued at $0.0992 with a market cap of $1.90 billion. The 24-hour trading volume of XLM was $214 million, and its price fell by a massive 5.39% over the past day. The coin was falling for the past seven days and noted a dip of 13.91%. At press time, XLM was falling by 0.75% over the hour.

The ninth largest cryptocurrency was highly traded on BW.Com, with a volume of $21 million via the XLM/USDT pair. The second place was taken by Fatbtc as it registered a volume of $20 million via the XLM/BTC pair. Fatbtc also took the third place via the  XLM/CNY pair and noted a volume of $16 million.

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Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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