New Year’s Day surely brought happiness to the Stellar camp since Stellar Lumens (XLM) are now in the top ten. The currency raised its price by 30% in the first day of 2018 and in just a few weeks, the XLM managed to double its market share.
New Year’s Day surely brought happiness to the Stellar camp since Stellar Lumens (XLM) are now in the top ten. The currency raised its price by 30% in the first day of 2018 and in just a few weeks, the XLM managed to double its market share. Customers and investors admit that the platform is easily customizable, cheap and fast and believe that these features are behind Stellar’s recent success.
On January 1, one Stellar Lumen was traded for 0.4670 US dollars, which is an all-time high for the altcoin. At this rate, XLM’s market cap is estimated $8.1 billion, more than Monero, NEO and bitcoin gold. The transaction volume in the last 24 hours equals $439 million and most of the transfers happened on Bittrex and Poloniex with much smaller amounts moving along Binance, Kraken or Bitcoin Indonesia. The daily turnover was worth approximately 32.965 bitcoin.
What lies beneath the surge of Stellar Lumens? The Stellar camp managed to secure important partnerships with tech companies and major banks; hence, the enormous increase in the span of a month doesn’t seem unjustified. IBM are one of the big names backing the Stellar platform. The tech giant announced that it is going to provide the network with eight new validators spread strategically around the world. Stellar’s founder Jed McCaleb who also happens to be the brains behind Mt Gox and Ripple, said that the project is rallied behind by 30 banks.
Other partnerships were formed to encourage international payments, crypto/fx transactions, and online business monetization. Moreover, startups may start initiating ICOs via the Stellar platform. Smartlands were the first to do this back in November last year.
With the rise of interest in alternative cryptocurrencies, many believe that XLM could become even more valued over time. Its security features, low costs and accelerated transaction process lure investors, geeks and altcoin admirers.