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Does Stellar (XLM) Show Signs of Rebound?

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Stellar (XLM)
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In the highly volatile world of cryptocurrency, the market has become unpredictable. If you are updated with the price movements, you might be aware that the last week has been catastrophic for most of the currencies. With the crypto market hauled into a massive depression, many well-performing currencies have received a huge blow. Stellar, which has been performing decently in the market, has witnessed a sudden decline a few days ago. Speaking of the price slump in the market, mention must be made of the critical events that defined the fate of the currencies. While there are many factors responsible for the downtrend, critical incidents, such as Warren Buffet ridiculing Bitcoin as “rat poison”, have directly influenced the investors’ trading decision. The most important factor, however, was the news of the investigation of the largest South Korean exchange, Upbit.

Although Stellar’s price has seen a drop in the past weeks, it cannot be placed among the worst-performing currencies this week. In fact, Stellar (XLM) has managed to calmly sail by. With the some of the popular currencies trading in the red, Stellar finds its place among the gainers.  In case you have missed out how Stellar outperformed the other currencies, here’s the gist of the story.

Stellar (XLM) and the Cryptomarket

Considering the recent market conditions, most of the cryptocurrencies that have been a victim of the slump will like to trade in the red this week. However, Stellar’s price reveals a different story. Not only does it show a positive momentum in the market but it also indicates signs of growth. As per the price records, the price of Stellar has moved up by 3.89% on May 12. Although this is a small increase when compared to its previous performance, this is quite big in terms of the present market conditions. With Bitcoin dropping by an alarming 7%, any small gain can be a boon to a currency.

Tracing the price movement of Stellar (XLM), Stellar topped the charts on April 29 while trading at $0.45. But the short bull run concluded with a steep decline, wherein the price of the coin dropped to $0.31 on May 11. As of now, the coin is back in the green. Stellar (XLM), which ranks 8 by market capitalization, is on its way to recovery.

Positive Developments on Stellar (XLM) Blockchain

Stellar’s impressive price movements over the past few days have attracted many investors to its platform. Discernibly, the currency has invigorated the investors’ interests in the currency due to a number of notable factors. Among the significant developments on the blockchain, Stellar’s listing on OKEx exchange can be seen as an influential factor for its recent surge. Just after Stellar’s listing on the Hong Kong-based OKEx exchange, around $1.4 million was exchanged between Stellar and other notable altcoins.

Another notable factor is Stellar’s partnership with the tech giant IBM to build a blockchain based project, which will allow investors to execute cross-border transfers with as many as 7 altcoins from the South Pacific.

At any rate, the most important influential factor for the buzz around Stellar is Kin’s (KIN) decision to fork from the XLM blockchain because of scalability related issues. One of the developers working on the blockchain, Gadi Srebnik said “the addition of Stellar as a second blockchain will allow us to operate the Kin Ecosystem on a faster, more efficient foundation, with low transaction fees…to achieve the speed and scalability that digital services in the ecosystem will require.”

Stellar’s (XLM) Price Witnesses Growth

As evident from Stellar’s last few days’ performances, the price has risen by 3.74% in the last 24 hours. The price spike can be understood in terms of the strong upside push in XLM/BTC ratio. When compared to most of the cryptocurrencies, the Stellar trading volume is much lower than the leading members. Nevertheless, Stellar’s trading volume of $49,958,300 is decent enough to keep the momentum going. Whether or not the coin will sustain its favorable performance is difficult to say, but going by its response to the market, it might hit $0.40 price level in the coming days. A little insight into Stellar’s trading specifications will reveal that its trading volume is primarily generated from South Korea’s exchanges. While Upbit is a renowned exchange for trading Stellar, Binance is also a great place for trading the currency, and both of the exchanges are responsible for Stellar’s growing trading volume.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Briles Takes Pictures via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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