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Here’s Why Stellar (XLM) Is Owed A 350% Run
Stellar (XLM) is trading at a 10% premium to the price at which it traded this time yesterday (midday US session) but remains down a little more than 67% from highs of $0.86 – levels registered on what has now become an infamous January 4, 2018.
This is one of the coins that we have covered on a couple of occasions in the past and, in our most recent coverage, we compared it to Ripple (XRP) in terms of use case. That is, we suggested that Stellar served as a sort of everyday iteration of Ripple, with the latter providing cross-border transaction functionality to financial institutions and the former serving pretty much exactly the same function but between individuals as opposed to registered entities.
XLM Daily Chart
In the same vein, we suggested that it has the potential to provide a banking solution and a remittance solution to the billions of individuals globally that, right now, have no access to bank accounts or any real security when it comes to value storage and transfer.
That is, after all, what cryptocurrency (we’re looking at you, bitcoin) was first pitched as being when it hit markets nearly a decade ago.
The question is, however, and especially in the wake of a pretty much across-the-board decline in the cryptocurrency space over the last six weeks or so, just how far can this one go and what sort of timeframes are we looking at when we say that there is real upside potential associated with Stellar and XLM at current rates?
Consider the following.
There is a total supply of a little over 103 billion XLM in place. Right now, the circulating supply comes in at around 18.5 billion. That’s around 17% of total supply currently in circulation.
Compare this to Ripple, which has a total supply just shy of 100 billion and an in-circulation supply just shy of 40 billion (so, around 39%) and current pricing seems pretty much in line between the two coins.
To put this another way, we would expect Ripple to be priced at double XLM right now because there is around double the proportion of overall supply in circulation at the current time.
And it is, pretty much.
That is, of course, when we assume that Stellar has a similar market potential in terms of total market capitalization to Ripple.
Not unreasonable, right?
Well, now consider this.
At its peak, XRP traded for more than $3.50 apiece. That’s a 350% premium to current pricing. At its own peak, however, XLM only traded for around $0.80 apiece – a 122% premium on current prices.
So, let’s assume XRP can run to at least its early January peak within the next few months – a conservative assumption given the fundamental developments we have seen from Ripple over the last few weeks.
Building on the assumption that XLM should track XRP from current prices (and assuming that current levels are buyer-seller balanced, which is reasonable) then we could (and should) see XLM run at least 350% during the coming months.
A 350% premium on current prices puts XLM at $1.70.
All this, of course, only assumes that prices of Ripple reach highs that have already been reached within the last six weeks or so. If the wider market turns around and manages to attract a bit of speculative volume, any break of previous highs will almost immediately translate to a sustained run which, in turn, could push XLM to $2 pretty much immediately.
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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.
Image courtesy of Stellar.
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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