Stellar price analysis 22 September: XLM skyrocketing as marketplace accelerates
As with most tokens, XLM's value has increased rapidly.
- Stellar Lumens' digital token is off to the moon, as are most cryptocurrencies.
- Trading volumes have risen more than 125% in the past 24 hours.
- XLM surges on the back of XRP's market dominance.
Stellar's value has increased by almost one fifth (19%) in the last 24 hours of trading. The cryptocurrency is also performing tenaciously (14%) against bitcoin. Almost the entire marketplace is enjoying positive gains today.
In the early hours of this morning, the coin was priced at approximately US$0.251. It had crept up from lows of US$0.212 yesterday. The token fluctuated to a peak of US$0.275 before slipping back down to its previous value.
At the time of writing, XLM was valued at US$0.251.
24-hour trading volumes have more than doubled since yesterday, up from US$89 million to US$202 million.
While it’s possible that XLM's latest rally may have been encouraged by the recent positive sentiment permeating the cryptocurrency market, driven by XRP, there may be other factors involved in the price hike.
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.
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.
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