Stellar price analysis 8 September: Token jumps in value after IBM product launch

Posted: 8 September 2018 4:12 am
News

Stellar's token is bucking the current market trend, adding value while most other coins remain flat.

Key takeaways

  • 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.

Stellar hit a stride in trading today, up 4.5% over the past 24 hours, amidst a mostly idle cryptocurrency market.

Stellar

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.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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