Stellar (XLM) was the light to this wide altcoin rally, gaining 11.68% in the last 24 hours. This increase pushed its price to $0.2859. The altcoin’s 24-hour trading volume topped over $719 million, and its market cap was closing in on $8.9 billion.

The Stellar network is an essential player in fostering cross-border payments and enabling decentralized finance (DeFi) applications. The 24-hour trading volume for Stellar (XLM) is barely under $100 million. Other altcoins experienced significant gains.

Lido DAO (LDO), with an increase of 11.11% in the last 24 hours. It is currently trading at $0.8006. Ranked number one in AltRank, Cronos is ranked 14th by market cap at $2.93 billion.

Dogwifhat (WIF) had a real good time, pumping over 10x. Pepe (PEPE) had the highest daily increase of any token at 10.95%. Pepe’s price today sits at $0.00001124 — the popular meme coin now sees a daily trading volume topping $1.12 billion.

Among the notable factors behind the positive outlook of the altcoin market, Bitcoin’s stability around $108,000 played a major role. When Bitcoin starts to move sideways, investors usually shift their focus to altcoins. This generates more trading activity which drives price appreciation for the altcoins.