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Here Are Two Reasons To Buy Stellar (XLM) Right Now

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Stellar (XLM) is a coin that’s been on our watch list for some time now and it’s one that we’ve covered on a number of occasions over the last few months. Back at the start of December (December 6, to be specific), we published this piece. In the piece, we argued that there was plenty more run room for XLM heading into the end of 2017 and during early 2018 and that our bias on the coin was strongly bullish.

At that time, XLM went for $0.13 a piece and a market capitalization of $2.35 billion.

By January 4, the coin had risen to $0.85 and a market capitalization of $15.22 billion. That’s a more than 550% increase over a circa four-week period and one that validated out near-term expectations.

XLM Daily Chart

XLM Daily Chart

Right now, however, the coin goes for $0.55. The wider market has corrected somewhat over the last couple of weeks and this correction is likely largely responsible for the dip we’ve seen in XLM.

As such, as the wider market turns around (and we fully expect that it will), there looks to be plenty of potential for a near-term upside recovery towards and perhaps a little beyond the above-mentioned highs.

There’s a fundamental factor in play here, however, and it’s one that could shift this coin into a higher gear and – in doing so – leave the $0.85 highs in the rearview mirror.

Here’s what we are looking at.

As many reading might already be aware, bitcoin has just been dropped by Stripe as a payment method on its payments processing service. This isn’t too much of a surprise given the current state of the network and, while the issues may well be resolved very near term, at which point Stripe will almost certainly pick back up on bitcoin as a payment method, it’s just not viable in its current condition.

What many didn’t notice, however, was a note on the announcement detailing the dropping of bitcoin that outlined Stripe’s plans to potentially integrate Stellar into its offering, in place of bitcoin.

Right now, Stellar transactions settle in a matter of seconds (the company states that it’s somewhere between two and five seconds as things stand), making it an ideal cryptocurrency settlement asset for Stripe’s customers.

The announcement came as part of this blog post, in which the company outlined that it’s not just dropping bitcoin – the process is likely to take up to three months and will involve a gradual winding down of its use – but this paves the way for Stripe to integrate Stellar and provide it as an alternative offering to its clients in place of the bitcoin integration they currently use as a selling point for their service.

As this story matures, then, it could really start driving speculative attention towards Stellar and its XLM representative currency.

What all this means is that not only have we got a currency that’s undervalued as compares to its value this time just a couple of weeks ago (assuming that the dip in valuation is rooted in the wider cryptocurrency market correction) but we’ve also got a coin that is making fundamental and operational strides towards commercial integration.

Technical analysis is one thing as it drives short-term speculative volume but enterprise integration is what these companies are really looking for and Stellar is offering investors just that.

When you combine both of these factors, it highlights the incredible near and long-term opportunity in an exposure picked up at current prices.

One to watch.

We will be updating our subscribers as soon as we know more. For the latest on XLM, sign up below!

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

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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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…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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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…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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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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