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Up, Up, and Away? Stellar Continues to Soar High

Up, Up, and Away? Stellar Continues to Soar High Posted on January 29, 2019Leave a comment

So, it’s another pleasant day for the cryptocurrency market, with ChainLink, Startis, and of course, Stellar, experiencing some major gains. This is despite the fact that no correction has yet taken place. The markets just seem to be soaring high.

However, the most significant benefits of the growth have been experienced primarily by Bitcoin and a small number of altcoins. The overall market capitalization has crossed the $300 billion mark and is currently a few points just above it.
Bitcoin has maintained its stability with no significant losses or gains. It remained at $8,240 during the exact moment of writing. However, there is a chance that it might go below the $8000 mark after traders get their profits. But, no major changes are expected for the time being.

Ethereum experienced a slight boost as well with a gain of 1.8%, bringing the trade to $485. However, as far as the week goes, the coin’s performance has been flat. No major gains have been posted compared to the same period from the previous week.
Altcoins stay green

Altcoins have stayed in the green for now. However, a few of them have been fortunate enough to experience some growth. One of those altcoins happens to be Stellar Lumens. Stellar has been hit with on-the-day gains of 11% according to reports from Coinmarketcap.

XLM is now trading at $0.3322, right from the previous day’s $0.297. As for on-the-week performance, Stellar has shown a 9% boost, right from $0.307 for the same period, last month. XLM has gained around 11.4% to 4070 against Bitcoin on the day. However, there has been a 3% drop in terms of weekly performance; last week, it sat at 4200.

The TransferTo partnership has had a major role to play in helping drive the momentum. It will allow Stellar to be viable for transactions across the border in more than 70 nations. According to an official announcement made by Stellar, the partners and the financial institutions belonging to Stellar and TransferTo will benefit greatly from the network coverages of both entities being combined.

Additionally, the partnership will allow for the utilization of new technologies that will simplify the way money is sent and received across the 70 or so concerned nations.

Binance managed to make up most of the Lumens trade with 45% of the overall figure. The daily volume has grown by 100% in just about 24 hours, bringing the figure from $100 million to $200 million. At 6th place with $6.2 billion, It has overtaken Litecoin on the market cap charts.

Some of the other altcoins that have managed to show some growth include Stratis and ChainLink. Both of them have managed to enjoy gains of 15%. Komodo has also reported gains, steadily climbing to 9%. The overall capitalization for the crypto market now stands at $303 billion; an increase of 1.6%.

However, trade volumes have dropped by 25% on the day, from $20 billion to $15 billion.

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