Stellar Lumens (XLM) was one of the latest coins that surged to the top of the cryptocurrency market. The price of XLM on Wednesday soared to a two-month high and reached $0.31. This led XLM to exceed the $24 million mark which is another clear indicator that there is a massive interest in the coin from investors.
Even though many analysts are saying that the rise of Stellar Lumens is mostly an ‘aftershock’ following the surge of the entire market led by Bitcoin, the announcement made by Stronghold definitely backed up Stellar’s skyrocketing.
The San Francisco-based financial institution (Stronghold) recently revealed the launch of an asset-backed token on the Stellar network which is the first venture supported USD anchor in the Stellar network. The company also revealed the partnership with IBM in this project.
So, it is more than obvious that Stellar’s 30% surge is more than just a coincidence, especially knowing that a giant like IBM is in the game – a factor enough to affect the rising price of this altcoin.
Even though it was sluggish in the recent weeks and traded around $0.20, Stellar Lumens (XLM) broke new records with the new 30% surge – giving the asset a boost and again showing that positive news can definitely move the markets.
Right now, there are some rumors that the Stellar network could be used in Islamic finance methodology and therefore open the gate to new markets – and billions of dollars in capital. However, there are no official confirmations that this could be happening.
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