With the bull runs having invaded the crypto market, Stellar (XLM) is registering over 90 percent gains since the bulls first entered. Currently, Stellar is running hot in the market and there is a number of factors that not only makes it valuable in the short but long term as well.
Bull run has Stellar [XLM] up by 90%
The bulls have entered the market and taken the overall market cap over $300 billion. Bitcoin and altcoins all are experiencing a decent surge in their prices. However, one of the most profitable cryptocurrencies right now in the market is Stellar (XLM).
At the time of writing, Stellar has been trading at $0.332 with a rise of 10.73 percent in the past 24 hours. With a market cap of $6.2 billion, it has been managing the daily trading volume of $204 million. The substantial surge in Stellar price took it from 7th to 6th spot while replacing Litecoin (LTC).
During the past week, when bulls first entered the market, Stellar has been trading at $0.184. The prices ascended on a continuous movement and then with a sharp incline reached $0.31. This week, it surged with a number of good news and climbed $0.348 level. This two-week surge has Stellar (XLM) take a hike of about 90 percent.
What’s driving Stellar hike?
Today, Stellar went live on Huobi exchange. The world’s third largest cryptocurrency exchange according to Coinmarketcap yesterday announced the listing that spiked its prices. The announcement read,
“Stellar (XLM) will be launched on Huobi Global on July 25, 2018 (GMT+8). Deposits will be available from 16:30, July 25, 2018 (GMT+8). XLM/BTC and XLM/ETH trading will be available at New Zone from 16:00, July 26, 2018 (GMT+8). Withdrawals will be available from 16:30, July 28, 2018 (GMT+8).”
The most recent news of Stellar’s partnership with TransferTo has been an integral factor in driving the prices skywards. A B2B mobile settlement system, it serves companies like Western Union, PayPal, 7 Eleven, and Money Gram.
Aik-Boon Tan, TransferTo’s Chief Customer Officer commented on the partnership:
“We always aim to be at the forefront of the payments industry, and by partnering with Stellar our goal is to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs. This can enable our partners to better serve both the migrant workers sending money home and their families receiving it.”
After losing 85 percent of its value since January high, the speculations around US-based Coinbase’s exploration of coins including Stellar for listing had its prices on a rebound. Additionally, IBM is using the Stellar blockchain for Stronghold stablecoin which worked in this cryptocurrency’s favor.
Not to forget, Stellar is the first distributed ledger protocol to receive the Sharia compliance certificate in the asset tokenization and money transfer space.
Stellar is making all the right moves to position itself as a cryptocurrency with use cases, being profitable and having a long-term value which makes it a hot cryptocurrency among the investors.