Stellar Lumens (XLM) Gets Hype: What Could Be the Reason?
Stellar Lumens (XLM) is one of the cryptocurrencies to continue its price surge into the New Year. On Tuesday, the currency went up by 33% after the news went round that it has been added to cryptocurrency exchange platform OKEx.
The cryptocurrency founded by Jed McCaleb has so far had a great month. The developer’s other project Ripple is also one of the best performing cryptocurrencies in 2017, with the digital currency recording almost a 1,000% increase since the beginning of December.
Over the past few weeks, the market cap for Stellar Lumens (XLM) has gone up and is now, at the time of this writing, the seventh crypto in terms of market value, with a total valuation of just over $11 billion.
Over the past seven days, the price of stellar has more than doubled, trading at $0.22 on December 26th and jumping to $0.56 yesterday January 2nd, with the rally capped off by a 33% surge experienced on Tuesday after the currency was added to OKEx.
Most of the XLM tradings are concentrated on industry leader BTC trading pairs, with the volume evenly distributed between platforms Binance, Bittrex, and Poloniex. The price of Stellar though is steady across most of these exchanges.
Latest rally tied to OKEx listing
The latest price rally of Stellar Lumens (XLM) is mainly due to its addition to Hong Kong-based cryptocurrency exchange OKEx. The platform has the fifth largest trading volumes currently in the world. The platform made the announcement regarding incorporating Stellar in their exchange list on the 28th of last month, with the price of the crypto going up shortly after the announcement was made.
The trading volume of Stellar recorded by OKEx has been thin since it began, with the platform processing only $1.4 million worth of XLM/BTC volume over the past 36 hours. The volume is expected to increase as more investors return from the recent holidays.
Stellar Lumens (XLM) has also gained from the partnership the developers signed with cryptocurrency payment processing service Pundi X.
The partnership will see stellar’s currency XLM gain an increased access into the Indonesian market and will most likely lead to an increase in usage of the crypto as a settlement tool in international traded which involves the rupiah.
As reported earlier, Stellar has a similar objective to Ripple. While Ripple is becoming the darling of banks and financial-service companies, Stellar is focusing on servicing multinational corporations that usually conduct multi-billion dollars transactions locally.
The blockchain of Stellar reveals that cross-border payments could be made within 2-5 seconds.