Stellar (XLM): With expectations that the market is about to recover after last week’s drop, panic has gripped the market once again after Japan revealed it is tightening its noose of cryptocurrency regulations. This has seen the market plummet further prolonging the wait from institutional investors which many analysts see as the possible market catalyst north.
Stellar has been working behind the scenes until recently when news surfaced that it is set to pump $500million in to buying Chain. This comes at a time when investors were seen to have lost hope on the coin. This is just a tip on the iceberg as more updates are on the way.
Stellar Lackluster Market Performance
Stellar (XLM) was doing pretty well until the January market crash. The growth had seen the coin cross the 15billion market cap mark before starting to dip. In a bid to get back its former glory, the coin’s development team is promising better days for its holders.
The network is working towards a period of efficiency through bespoke updates to spur it back to life. With the coming USD Anchor Network launch on Stellar, the platform flood gates seem to start opening soon. With the Anchor, XLM holders will be able to interact with the USD directly.
Diverting from coin burn to the anchor exchange with the dollar makes the process cost effective. This will also open up new avenues since the system will embrace swift exchange of XLM and other digital assets.
Another anticipated catalyst is the native Stellar exchange that is in the offing according to the developer team. Once compete, this will give XLM an edge over other major coins, get more parings, increase volumes to the market which will eventually give it increased value.
Stellar (XLM) Supported by Institutions of Repute
Stellar (XLM) recently announced it is planning to purchase Chain for $500million is a clear indicator that the coin is ready to g mainstream. Chain is known for its expertise in blockchain technologies and becoming part of Stellar network will impact positively on the future of the coin. This will also give the IBM partnership a huge boost towards working for a better Stellar (XLM)
Chain has been in the market for several years and has attracted a lot of attention in the crypto-verse after successfully designing and commissioning Sequence and this could make Stellar the home of software development and transform it to products and services scaling. By bringing Chain onboard means all transactions of both outfits will be XLM based
Stellar has a strong backing on its development from global brands including Citi Ventures, NASDAQ and VISA. This interest from institutional investors is the link that is missing in the market and if the Chain Stellar deal is goes through, investor confidence will start manifesting and growth momentum ignited.
Stellar (XLM) Price Outlook
The last week saw the entire market plummet and most Altcoins went down by almost double digits following Bitcoin free fall. The XLM price however seems to be getting back and has been trading in the green for the last 24 hours but the charts are not showing any breakout signs and the current momentum is short-term.
Stellar (XLM) coin is ranked 7th by market cap and has been trading $0.188052 after marginally gaining against the green buck by 1.00% and 1.02% Bitcoin. It is going to take awhile before meaningful gains are realized. If the Chain deal and system upgrades go through, XLM will be a good value proposition by the end of 2018