- Stellar Lumens (XLM) is up almost 10 percent in the past 24 hours
- SatoshiPay, which runs on Stellar’s blockchain raised funds on March 7, 2019
- XLM currently sits at 9th position on CoinMarketCap crypto table
Another Monday and another rally by one of the undervalued altcoins. This time, it is Stellar Lumens (XLM) which has jumped an impressive 9.38 percent in the past 24-hours to $0.10, making it the biggest gainer from among major altcoins.
What Caused the Surge?
Stellar Lumens (XLM) has for long been on a bear trend. The altcoin reached a low of $0.073 on February 7, 2019. However, XLM has, since then, been on a steady upward curve and has broken through multiple key resistances.
(Source: CoinMarketCap)
This is in stark contrast to other big cryptocurrencies such as bitcoin, ether, XRP, and litecoin, with all of them bleeding red at the moment.
With that said, it’s important to analyze what might have caused this sudden bullish behavior for XLM. And while predicting things is a herculean task in the cryptocurrency industry, XLM’s spike in price could actually be attributed to a number of factors.
As announced on March 7, 2019, Börsenmedien AG, one of the leading media houses for information pertaining to finance in German-speaking regions, bought a stake in SatoshiPay during the latter’s latest fund raising round.
For the uninitiated, SatoshiPay is one of the top global micropayments solutions based on Stellar Lumens’ blockchain. The blockchain-powered startup has raised $2 million in funds to date.
The aim for the purchase of stake is said to be the integration of SatoshiPay’s payment solution into Börsenmedien AG’s digital media outlets.
Another great win for the #Stellar ecosystem! @SatoshiPay brings on a new investor and platform partnership. A big congrats from @StellarOrg ??https://t.co/p9idRqddMm
— Lisa Nestor (@nestorious828) March 7, 2019
Bernd Förtsch, the CEO and founder of the German digital media outlet shared his thoughts regarding the partnership. He noted that SatoshiPay will allow Börsenmedien AG to devise a pay-per-article scheme on their online digital portals. He said:
“There’s a gap in between inexpensive content that can be purchased on a pay-per-article plan, without hassle. SatoshiPay’s nano payment solution represents that missing link that fills the gap. We are excited about our stake in SatoshiPay, as well as the upcoming integration of their solution on our websites.”
Notably, the two companies have also entered into a strategic partnership.
Where is the XLM Price Headed?
Predicting price in the crypto market is harder than finding a camouflaged needle in a haystack. However, looking at the recent price behavior of XLM, it could be safely stated that the altcoin has all but entered the bull territory on charts.
The token was trading sideways for a long time, sandwiched between key resistance at $0.093 and support level at $0.081. However, with XLM currently trading at almost $0.11 range, investors’ sentiments seem to be at a high not seen since the past few months.
XLM sits at 9th position on the CoinMarketCap crypto table.