By
Svetlana Soroka
April 5th, 2024
Stellar Lumens has shown tremendous surges with weekly gains over 70% outclassing all other cryptocurrencies in the market.
Stellar Lumes is on cloud nine as the cryptocurrency has managed to gain more than 70% in the past one week and has shown a tremendous momentum outclassing every other cryptocurrency in the market. According to the weekly charts on CoinMarketCap, Stellar Lumens was trading at $0.18 a week back with a continuous rise from there onwards. At the press time, Stellar is trading at $0.31 with a $5.8 billion market cap.
There are multiple reasons behind this steep rise in Stellar’s price with good news flowing for the cryptocurrency from all corners. Earlier this week, the world’s largest cryptocurrency exchange Coinbase announced its plans to add five new digital currencies to its platform, one of them being Stellar Lumens (XLM). In its official blog post, Coinbase said:
“Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.”
Stellar price jumped straight away by 10% following the news. No timeline for the addition of these cryptocurrencies has been given but Coinbase said that it will convey its customers through its Twitter and Medium social medium platforms.
Additionally, Stellar Foundation recently got a Sharia Certification from the Bank of Bahrain which gives the company a big boost for establishing their blockchain-based economic activities in the UAE. The Shariyah Review Bureau (SRB) reviewed the applications and properties of Stellar and asked them to make Sharia-compliant applications for Islamic financial institutions.
While talking to Reuters, Lisa Nestor, director of partnership at Stellar said:
“We have been looking to work with companies that facilitate remittances, including in the United Arab Emirates, Saudi Arabia and Bahrain. Its a huge market.”
Mansoor Ahmed, assistant general manager at Shariya Review Bureau said they never doubted on the technological aspects of blockchain or Stellar. He said:
“For the blockchain technology there was no issue, the main thing we needed to consider was the use of the underlying cryptocurrency.”
Another important news this week is tech giant IBM announcing a partnership with the financial institution Stronghold to work on a new USD-pegged stablecoin project. The stablecoin called Stronghold USD was launched on Stellar blockchain on Tuesday.
The Stellar-based Stronghold USD token will be used for making cross-border payment and settlements. The two companies said that the reason to launch this project was that they wanted to create something using the best of both – the crypto and the fiat economies. Being based on the cryptocurrency infrastructure the Stronghold USD will allow for instant payments while at the same time its functioning will remain under the regulatory observation of the U.S authorities.
Jesse Lund, IBM’s vice president of Global Blockchain told Reuters:
“IBM will explore use cases with business networks that we have developed, as a user of the token. We see this as a way of bringing financial settlement into the transactional business network that we have been building.”
Additionally, this week, the cryptocurrency market has shown a good recovery especially after Bitcoin climbed way past the $7400 mark.