Bitcoin
Stellar Lumens Destined For More Gains After Steady Rise
Stellar Lumens is receiving a lot of love in the cryptocurrency space, if its performance in the recent past is anything to go by. Integration of the cryptocurrency by several financial institutions and big cap companies has been a key driver of its price, in various exchanges. Its market cap has also crossed the $1 billion mark, making it one of the biggest digital currencies in the world.
Just like Bitcoin, which continues to cause havoc in the crypto space, Stellar Lumens has been trading in an uptrend. Over the past one month, it has gained more than 300% in market value as it continues to hit higher highs.
Stellar Lumens Chart courtesy of coinmarketcap.com
Stellar Lumens is destined for more gains given the catalysts that have pushed it to record highs are still in play. While Bitcoin is, still the most popular cryptocurrency, focus is slowly shifting towards the likes of Lumens that offer more synergies when it comes to peer-to-peer electronic cash transfer.
Growing Demand
A deal with SatoshiPay has once again reaffirmed Stellar Lumens capability to play in the big boy’s league. The micropayment startup based in London has adopted Lumens as its underlying cryptocurrency for the schemes settlements. The service provider has been using bitcoin since 2015. A surge in processing fees, as well as scaling problems, made it impossible for it to continue using the popular cryptocurrency.
SatoshiPay is one of the many institutions that have taken note of Stellar Lumen’s cost and scalability synergies thus joining the bandwagon. Stellar Lumens recently received a major boost and accreditation when IBM and KlickEX decided to partner it for the development of a blockchain-based cross-border payments solution.
“Currently, cross-border payments take up to several days to clear. This new implementation is poised to affect a profound change in the South Pacific region, and once fully scaled by IBM and its banking partners, could potentially change the way money is moved around the world,” said Stellar co-founder Jed McCaleb.
The announcement led to a 100% price surge in stellar lumens further affirming its long-term prospects. Lumen is now the biggest transfer medium in the South Pacific region as more institutions continue to join its network.
Bottom Line
Stellar Lumens is expected to remain the biggest medium transfer in the region given its focus on the masses rather than large-cap companies and financial institutions. The cryptocurrency is dedicated to changing the lives of people especially in marginalized parts of the world such as Africa and Asia, areas where it hopes to accrue substantial growth going forward.
Users currently control 95% of the total Lumens coin supply, making it the most decentralized currency in the world. The ownership structure, low transaction fees, and scalability capabilities means Stellar Lumens is well positioned to continue growing in popularity which should lead to further price increases.
Image courtesy of Lou Arthur via Flickr
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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