It is no more news that Stellar (XLM) has extended its ride on the upside trend beyond the psychologically important mark of $0.10 as its marketcap continues to grow since the last seven day and more importantly from March 7.
However, this has been reckoned as an outstanding performance in the space as Stellar (XLM) upped its value by 14.55% to be price $0.106671 against the US Dollar. Similarly in a beautiful outstretch, Stellar (XLM) has been able to overtake Tether (USDT) in the market to be 7 largest coin, and it is gibbering for a Binance Coin (BNB) override with 2+ billion marketcap.
Furthermore, the rapid and sporadic growth from the altcoin has been causing series of disruption in the space, making all and sundry to wonder what could be behind the unprecedented rise.
Two Things Stellar (XLM) Is Leveraging For A Bullish Run
For the team behind the cross border oriented blockchain technology, the bullish race is never unprecedented. The growth is undoubtedly underpinned by developments associated to the altcoin.
While Stellar (XLM) seems to have unleashed series of bettering developments into the space, observers have handpicked two recent updates to be the likely propeller of the up growth which the altcoin is experiencing.
Stellar (XLM)’s High Trading Volume
Stellar (XLM)’s recent increase in trading volume on reputable exchanges around the world could be flagged a major factor behind the growth.
Despite been suspected for wash trading activities previously, Chinese cryptocurrency exchange, ZB.com, seems to be hosting the maximum number of XLM trading volume Via XLM/USDT trading pair with 9.67% record of the altcoin’s total trading volume. The world largest cryptocurrency exchange platform, Binance, also took part in raising stellar (XLM) value in the market by taking 9.46% and 8.23% share of Stellar XLM global trading volume via XLM/BTC and XLM/USDT trade pair respectively.
The Armenia based crypto exchange platform, Exrates, also took part in trading high volume of XLM in the market.
While Stellar (XLM) is made available for trade on 40 crypto exchange platforms with 102 pairs, the trading volume of the altcoin has increased by 25.47% in the last 7 days to have a present volume of $225.28M.
In the last 30 days, the trading volume of Stellar (XLM) has also increased by 43.12%. No doubt, its volume is on a sporadic rise and expectedly affecting its value in the market.
German Media Stake Acquisition
A Germany-based media company, Börsenmedien AG, declared the acquisition of stake in SatoshiPay, a micropayment firm which leverages Stellar (XLM) blockchain to execute its services. Subsequently on the same day, the price of the altcoin rose to boom.
Bernd Förtsch, founder and CEO of Börsenmedien, in his acknowledgment statement revealed that the stake acquisition would help bridge the gap in their pay-per-article scheme.
— Lisa Nestor (@nestorious828) March 7, 2019
“There’s a gap in between inexpensive content that can be purchased on a pay-per-article plan, without hassle. SatoshiPay’s nano payment solution represents that missing link that fills the gap. We are excited about our stake in SatoshiPay, as well as the upcoming integration of their solution on our websites,” Förtsch stated.
In all Germany speaking countries around the world, Börsenmedien is regarded as a leading media house for financial information. It issues Germany’s largest stock market magazine.
Musing over the developments, observers opined that with the adoption Stellar (XLM) would be witnessing, the latest growth is just a tip of an iceberg.
Stellar (XLM) Price Analysis
As at press time Stellar (XLM) trades for $0.106671 against the US Dollar as the altcoin continues to maintain its tempo on the rising wedge. Pointing northward, XLM/USD trade pair drives relentlessly along the upside trend.
The market looks unfavorable for most coins, but Stellar (XLM) is buoying a profitable graph line. After breaking out of the $0.103 resistance point as at the early hours of the European trading session, XLM/USD is opting for a break above $0.112, and observers are optimistic that the altcoin will sooner or later outstripped Binance Coin (BNB) from the 6th position.