It seems we are in good news season for Stellar Lumens (XLM). A few days ago, Stellar tweeted that the first central bank backed cryptocurrency would run on the stellar network. The tweet read as follows,
“The first ever Central Bank Crypto Currency will be available in October n the #Stellar Lightning Network.”
This seems to have excited Stellar Lumens (XLM) market, but today the market received some even bigger news. A few hours ago, Bitfinex announced on Twitter that they were commencing the trading of Stellar Lumens (XLM) on their platform. This saw the value of Stellar Lumens jump up by a huge margin, and for good reason. Bitfinex is one of the largest and one of the most liquid crypto exchanges in the world. Just to give you an idea of how big Bitfinex is, a month ago, they were anticipating daily trading volumes of $500 million. They have outdone themselves with Bitfinex now doing daily trading volumes of over $1.1 billion. With such high volumes, it is not hard to see why the Stellar Lumens market is excited.
Stellar is likely to see a surge in volumes, which will push up its demand. That’s because there are many users of Bitfinex who would like to invest in Stellar, but didn’t get have a chance to do so earlier. Such investors will take advantage of this listing to put in some money into Stellar, pushing up demand. We can already see this happening, given that Stellar is one of the best performing cryptos today. That’s despite the fact that the market has shown some weakness, with Bitcoin dropping below $9000 in intra-day trading.
But this is not just a short-term pump. Unlike many other cryptos that tend to drop in value after such a major listing, chances are that Stellar will continue to rise. That’s because the fundamentals are strong, and more good news are coming up in the stellar network. Such news are already streaming in, with one European exchange announcing that they too are listing stellar. The said exchange, Litebit.eu which has more than 50 cryptos listed, made this announcement via Twitter, further pushing up the stellar lumens (XLM) market momentum.
Other than these listings, another big factor that will drive up Stellar in the long-run is the fact that it seems to be a favorite with central banks. Stellar has a partnership with IBM and experts believe that this will be the basis for adoption of Stellar, by countries looking to launch their own cryptos. All indicators are there that Stellar is about to be adopted as the preferred crypto for instant settlements.
When you put all these factors into consideration, and the fact that the crypto market is in a new bull-run, it’s not hard to see why Stellar Lumens is about to enjoy a good run. Though no one can predict markets, there is a good chance that stellar Lumens will hit $1 soon.