Stellar price analysis 8 September: Token jumps in value after IBM product launch
Stellar's token is bucking the current market trend, adding value while most other coins remain flat.
- Stellar Lumens' digital currency is outperforming most other coins.
- Trading volumes have reduced significantly over the past 24 hours of trading.
- IBM releases Blockchain World Wire, a new cross-border payments service, backed by Stellar's protocol.
Yesterday, Stellar Lumens' XLM token was trading as high as US$0.211 before sinking to US$0.200 early this morning. However, the coin has since seen a sizeable boost in value, veering back up to US$0.211.
At the time of writing, XLM was valued at US$0.208.
24-hour trading volumes decreased since yesterday, down from US$71.4 million to US$64.8 million.
Coinspeaker reports that, despite the bear market we're experiencing, the XLM token could possibly increase in price towards the supply level at 0.240, warning traders to keep an eye out for this potential breakout.
The digital currency's increasing value may be owed to the release of global technology giant IBM's Blockchain World Wire. The service utilizes Stellar's protocol to clear and settle cross-border payments in near real-time.
Financial institutions wishing to carry out a transaction agree on the use of a bridging asset, such as a stablecoin, central bank digital currency or other digital asset, to facilitate the high-speed trade. The companies then use their existing payment systems to connect to IBM's World Wire, which simultaneously converts the digital asset into fiat currency, completing the transaction. All details are recorded onto the blockchain.
IBM and Stellar have been collaborating since October last year, actively processing live transactions across 12 different currency corridors between the Pacific Islands and Australia, New Zealand and the United Kingdom.
Stellar, listed in the top ten coins by market capitalisation, recently eclipsed 1 million network accounts.
— OrbitLens (@orbitlens) August 27, 2018
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