Data from Coinmarketcap.com
Stellar XLM has seen some incredible gains this month, moving up from a price of $0.186 as recorded on the 30th of June 2018, up to a price of $0.347 as recorded on the 26th of July 2018. This equates to a price rise of around 85% through the month. As it stands, Stellar promises to continue to fly and might even break $0.650 through August, assuming this positive trend is able to continue.
The current spike in the value of XLM is down to a number of different occurrences.
Foremost, we need to consider the positive market climate. As it stands, all major cryptocurrencies are seeing gains of around 3% each day. Bitcoin is jumped up past $8,000.00 and is doing a great job of straightening the markets out, moving numerous tokens closer to a recovery from the past couple of months by the day.
If the rise in Bitcoin continues then, (since Bitcoin dominance is high at the moment) we should consider that a bull run could be imminent, if so, prices will run up further and we could even expect XLM to not only surpass $0.65, but to actually surpass $1.00 too.
Aside from the positive markets and Bitcoins bold movements, what else has contributed to the rise in XLM?
A few days ago, Stellar announced a new partnership that promises to expand Stellars ability to provide remittance payments and cross border payment services. It’s almost a direct attack on Ripple and XRP, one that has in turn very much benefitted not only Stellar as a project, but XLM as a currency too. See our coverage of this story below.
Also, this week, cryptocurrency exchange Huobi announced that they would be listing XLM and would be opening trading between XLM/Bitcoin and XLM/Ethereum. YOu can see our coverage of this story below.
If the markets continue to progress in this positive way and indeed, if Stellar continue to pave the way for good news and new partnerships, we can only expect the rise of XLM to continue through August. Since XLM has climbed 85% during July, a month dominated by a bear market, then we can only see XLM progressing further than ever before within this new look bull market, that is setting us all up for a very exciting August indeed.
Bitcoin could reach $10,000.00 and likewise, XLM could reach $1.00 and beyond.