Stellar Cryptocurrency Lives Up to Name With 40% July Gains

Bitcoin’s 26 percent rally left many a cryptocurrency in the dust over the course of July.

Indeed, the bitcoin dominance rate, a widely used indicator that tracks the percentage of the total crypto market cap contributed by bitcoin, rose to 48 percent, up from 42 percent, to record a 7-month high over the 31-day period, a function of money shifting from alternative cryptocurrencies into bitcoin.

That said, not every alternative cryptocurrency saw gains. Ether, the cryptocurrency that powers the ethereum blockchain, and the second-largest cryptocurrency by total value, as an example, recorded a monthly loss.

A notable exception among the largest 25 cryptocurrencies reviewed by CoinDesk, however, was stellar’s XLM token, which was able to defy the odds and become the top monthly performer in its class. Fueled by interest from the most influential U.S. exchange, Coinbase, the news the startup is considering an XLM listing revved up investor interest, spiking 13 percent on the news.…