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.