Stellar (XLM) has become a favorite among crypto traders, as the coin breaks to new multi-month highs of $0.323. After losing over 80% of its value since January 2018, numerous factors make it valuable in the short and long-term.
For one, Coinbase.com noted that it short-listed XLM as a possible candidate for its exchange listing. In fact, according to Hacked.com, “XLM is one of five crytpocurrencies being considered for inclusion on the Coinbase digital currency exchange.”
In another major development, China’s biggest crypto exchange platform, Huobi announced that it would allow trading on Stellar starting July 26, 2018.
According to CryptoDaily:
“With deposits available, buying will shoot up, in two days time when withdrawals become available, we should expect to see a continuation of the good run of XLM. In short, this isn’t a temporary spike, it is likely that XLM will continue to fly through the weekend off the back of this announcement.”
Stellar is also working with TransferTo, a global cross-border mobile payments network
This will now allow financial institutions to send and receive money much more efficiently in more than 70 countries. The move will also allow Stellar to better compete with Ripple in the space, notes Block Tribune.
The coin has also seen considerable interest following IBM’s adoption of XLM. In fact, IBM is using the Stellar blockchain for its Stronghold stablecoin, which is working in Stellar’s favor.
“With the cryptocurrency market thriving, the usability of XLM will come in handy for IBM to grow its market share. This will in turn change the banking sector focus from Ripple to Stellar, a move that will shake the existing competition between the two blockchain outfits,” notes Crypto Globalist.
As a result of all this good news, some analysts believe XLM could potentially close 2018 at $1 or more. In a few years, notes Crypto Globalist, it could easily be trading at over $5. “It has all the fundamentals to give it such a huge and fundamental jump in price.”
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