How New Partnerships Will Affect XLM’s Value
Stellar Lumens (XLM) ranks high among cryptocurrencies that are yet to see significant gains in 2019. The cryptocurrency has mostly remained stable and on a bearish path on its Year to Date scale, starting the year at $0.113 and currently trading at $0.101.
The cryptocurrency is currently ranked at the ninth position with a market cap of $1.9 billion while the 24-hour trading volume is currently $190 million. The asset was trading at $0.09 but has attained back to the $0.1 price point which shows an increase of 2.36% within the last 24 hours.
The team behind XLM is keen on marketing the coin to enhance mass adoption. Furthermore, the team is also promoting the underlying technology of the cryptocurrency. Based on the ongoing promotions, XLM is gaining traction within cryptocurrency circles.
Elsewhere, the Stellar team has also been positioning the cryptocurrency as a future coin by signing key partnerships. Collaborations with IBM, Deloitte, and Pioneer are placing the crypto in a competitive position. Most importantly, the team target of startups means it seeks to raise the coin's demand and visibility before the end user.
Deloitte developed a vital banking solution using the Stellar network. Reports indicate that the solution lowered transaction charges by upwards of 40% while transaction times moved to only five seconds. Other solutions have been set up for firms like Parkway Projects, Tempo, Praekelt Foundation, bext360, Philafy, among others.
The main question is how will these partnerships affect the value of XLM? The price of XLM reached a high of close to $0.12 on Apr 18. It has been gradually decreasing since, adhering to a descending resistance line. At the same time, the price is also following a long-term support line.
Note that new use-cases for Stellar continue to emerge. Stellar is moving ahead due to its combination of a unique purpose, protocol, and publication of educational resources. We should expect an increase in the value of XLM provided the system continues to prove itself as a unique solution to financial problems.
However, future growth of XLM will also depend on the future and potential unpredicted price pumps. Such pumps usually occur in cases where we have new listings, new partnerships, and new significant updates.
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