Upbit, one of South Korea’s leading cryptocurrency exchanges, has temporarily suspended deposits and withdrawals of Stellar (XLM) and other assets on the network. However, the news did not have a notable impact on the altcoin price.
Upbit suspends Stellar (XLM) operations
South Korea’s leading cryptocurrency exchange, Upbit, announced that it has temporarily suspended deposits and withdrawals of XLM, the native token of the Stellar network, and other assets on the network. According to the statement made by the crypto money exchange on the subject, there is no serious problem. The temporary suspension is due to the maintenance need of the Stellar network and the wallets it hosts.
However, Stellar’s official information sources did not make any statements on the subject. It is noteworthy that the altcoin project is silent and that similar temporary suspensions are not seen in exchanges other than Upbit. Considering this situation, according to experts, it is possible that the suspension in question is directly due to an issue with the South Korean platform.
Altcoin price action looks normal
In the meantime, as we reported on Kriptokoin.com, the altcoin price was not affected by the news of the suspension. At press time, the altcoin is trading at $0.08143, up 1.37% on a daily basis, according to data from CoinMarketCap. However, this performance is not very heartwarming when the festive mood in the market is taken into account. Because the leading crypto Bitcoin (BTC) reached the $ 19 thousand limit with an increase of about 8%. However, XLM outperformed its strong rival Ripple (XRP).
XLM year-to-date price action / Source: CoinMarketCapInterestingly, since the beginning of the year, XLM’s performance has generally been better than its rival XRP. In the last seven days of price action, XLM is up 11.40%, while XRP is up 10.5%. The rivalry between the two dates back to the days when Jed McCaleb left Ripple, which uses XRP for cross-border money transactions, and founded Stellar, which uses XLM.
Most of the time, XLM is trying to catch up with XRP and act as a kind of beta, according to experts. That is, it reacts inertly to any narrative that moves the price of its larger competitor. However, now the division into senior and junior cryptocurrencies seems to be slowly being erased. Meanwhile, the altcoin project is down over 91% from its all-time high of $0.9381.
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