Stellar Lumens (XLM) and OmiseGo (OMG) both up 28% after Stripe announcement
Both coins saw near-identical price rises in the hours following Stripe's shout-out to them.
According to CoinMarketCap, both coins saw an extremely similar price increase of 27-28% in the 36 hours following the announcement.
Stripe was one of the first payment platforms to accept bitcoin but has since moved away from the legacy coin. Citing dwindling appetite, slow transactions, high fees and other problems it has announced plans to phase bitcoin out by April 2018.
In the same breath it also briefly mentioned OMG and Stellar, describing the former as an "ambitious and clever proposal" and the latter as a potential coin to use on the platform "if substantive use continues to grow."
It's not possible to ascribe these prices rises entirely to Stripe's announcement, but it almost certainly played a part. The coins both followed identical patterns over the next 36 hours, starting the day of the announcement, and ended up increasing by almost the exact same amount.
These movements were echoed in the 24-hour trade volume, which continued to trend downwards for both coins even after the price started rising but then increased considerably in the coming hours.
Stripe also gave a shoutout to other altcoins, saying "It’s possible that Bitcoin Cash, Litecoin or another bitcoin variant, will find a way to achieve significant popularity while keeping settlement times and transaction fees very low."
However, none of those other coins showed a discernible price shift as a result of the announcements. Similarly, the announcement seemed to have no impact on bitcoin's prices.
- Is Ripple too far ahead of its time?
- 5 reasons the new J.P. Morgan cryptocurrency uses blockchain
- Ethereum Enterprise Alliance making more inroads on token standards
- Bitcoin trade volumes in Venezuela reach new high despite crackdown
- Why H&M Distributors just started accepting cryptocurrency payments