Stellar price analysis 13 September: XLM value lifts, resisting market downturn
Stellar's token saw a sharp price hike following business acquisition.
- Stellar Lumens' digital currency continues to move northward, dispelling overall market sentiment.
- Trading volumes have seen a significant pick-up since yesterday, rising almost one third.
- Chain has been acquired by Lightyear Corporation, a Stellar-backed commercial entity, to form Interstellar.
Stellar has been on a tear over the last 24 hours. The cryptocurrency is surging ahead of market competitors, enjoying a healthy price increase against both the US dollar (7.56%) and bitcoin (7.19%) as of press time.
After trading at US$0.206 on 11 September, the token's value fell to a low of US$0.186 during the early hours of 12 September before gaining momentum and rising back up to US$0.203. Can it defend the US$0.200 mark?
Stellar Lumens' XLM token has successfully curved the market's current downturn. Most digital currencies have suffered price losses in trading today. However, bitcoin, XRP and Dogecoin also remain in the green, bucking the trend.
At the time of writing, XLM was valued at US$0.200.
24-hour trading volumes rose from US$77 million to US$99 million, up almost one third (28%) day-on-day.
Cryptovest suggests buying volume has begun increasing as traders flock to XLM as a safe haven for funds.
Chain and Lightyear merge to form Interstellar
Stellar Lumens is a token issuance and international payments-focused cryptocurrency and Chain is/was a builder of cryptographic products for use on decentralised ledgers. Together they are now Interstellar.
The nitty-gritty of the deal is that Stellar-backed commercial arm Lightyear acquired Chain to merge with it. Both the Lightyear and Chain brand names will be retired and replaced with Interstellar. The upshot of the deal is that Chain, along with some existing clients and services, will be moving onto the Stellar blockchain. Stellar will receive several new tools for businesses, enabling additional potential for real-world adoption.
Stellar, listed in the top ten coins by market capitalisation, recently eclipsed 1 million network accounts.
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