Stellar Lumens (XLM) price reaches a two-month high, here’s why!
The price of Stellar (XLM) reached a two-month high on Wednesday evening. It soared by over 12%, according to coinmarketcap. The possible reasons for the spike could be Coinbase speculation and recent Huobi listing.
China’s biggest cryptocurrency exchange platform, Huobi, announced that it will allow trading of Stellar Lumens [XLM] from July 26. The deposits are made available from July 25 and withdrawals will allowed from July 28, the firm mentioned. In fact, after the Coinbase’s recent move, a wave of positive price appreciation for the currencies was noted, with a gain of 22% since the news was first broke. It was a moment of joy for XLM fans since the coin fell nearly 85% in value since the beginning of the year.
It is believed that the momentum has been driven by the TransferTo partnership. It will now enable Stellar to be used in cross-border transactions in more than 70 countries. It was announced stating, “Under this collaboration, financial institutions and partners of both Stellar.org and TransferTo will benefit from the combined network coverage, and be able to leverage new technologies to send and receive money more efficiently to more than 70 countries.”
Stellar’s positive developments
Moreover, tech giant IBM is using XLM to pair with a digital stablecoin might have also pushed XLM to such heights. In comparison to bitcoin, it is up by around 2% to retake the $8,200 level. Another interesting development was the fact that the Stellar Foundation recently received certification from Islamic scholars of Shariyah Review Bureau (SRB) for its network. Its native token to be used in Sharia-compliant financial products.
With this certification, Stellar and XLM will now be having access to the vast Middle Eastern and South East Asian markets. The places where the Sharia-compliant products and Islamic banking have a strong demand. It provides XLM an advantage over its rival cryptocurrency XRP.
Another positive development was the announcement that BitIra also added XLM to its platform. It is a lesser-known California-based exchange which is steadily expanding with the addition of stellar (XLM) and zcash (ZEC), which joined bitcoin (BTC), ethereum (ETH), litecoin (LTC), ripple (XRP), bitcoin cash (BCH), and ethereum classic (ETC) as investment opportunities for its customers.
Other Related Articles
- Stellar Lumens [XLM] now on China’s biggest crypto exchange Huobi
- TransferTo transfers its cross-border payments to an upgraded level with Stellar Lumens
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