Here are the latest news and novelties regarding the Lumens (XLM) cryptocurrency of the Stellar network. To begin, it is worth mentioning that in the last month the price of XLM has performed particularly well.
Indeed, until about mid-April the price of XLM was around $0.05, but from the 22nd of the month, it started to grow. On March 3rd it reached its highest peak of the latest period at $0.076 and then stabilized around $0.072 or $0.071.
The curious thing is that the upward movement, which actually started as early as April 20th, was not driven by a parallel increase in the price of bitcoin, as often happens.
In fact, from April 20th to 23rd the value of XLM in BTC went up quite a lot and then stabilized for a few days to start rising again. However, after the peak on April 28th, the price of XLM in BTC started to fall, due to the increase in the price of BTC in view of the halving.
As a result, from April 20th through 28th to the present day, the price of XLM was found to be uncorrelated from that of BTC. In contrast, from July 2019 it was correlated, to the extent that XLM in the last 12 months has trailed the decline of BTC.
On May 30th, 2019 XLM was worth $0.141, a little less than double what it is now worth. Shifting the focus to the latest news about Stellar’s technology, it should be said that at the end of April the integration with Ledger Live, the platform of the famous hardware wallet house, was finally announced.
It was strange to say the least, that a cryptocurrency that has existed since 2015 was excluded from this platform, especially given the growth recorded by its price in recent months. Moreover, one of the projects based on Stellar, the cryptocurrency of the rapper Akon, Akoin, has recently revealed that it wants to reach 1 million transactions within the first year of operation, and 100 million within the first 5 years, especially in Africa.
So the prospects for the use of Stellar’s blockchain are interesting, especially if projects like this really take off.
Recent News on the Stellar Lumens project
Another important recent piece of news involving Stellar is the Nigerian cross-border payment service Cowrie, which has chosen Stellar for its transactions because of its speed, cost-effectiveness, and token issuance methods. Indeed, creating a token on Stellar’s blockchain is simple, and does not require knowledge of any notion of programming, or particularly high budgets.
It is possible that this may lead to the issuance of several new tokens on the Stellar network in the future, especially if it becomes compatible with all major crypto tools in circulation.
For example, CoinFlip has recently added support for XLM tokens to its 450 crypto ATMs in the USA, and it is precisely this spread of services related to the Stellar network that can help the spread of XLM, as well as tokens based on this blockchain.
In reality, the novelties and the spread of Ethereum, for example, remain much higher than those of Stellar, which is in fact a direct competitor of Vitalik Buterin’s blockchain. While from the technical point of view the two networks can definitely compete, with Stellar that in some cases seems even superior, in terms of spread there is no match at all.
Especially thanks to DeFi tools, the Ethereum network is much more widespread than Stellar, although the latter is sometimes preferred by some projects for the convenience with which it can be used with projects that need to ensure a high level of compliance with legal regulations.
For example, some time ago Wirex co-founder Georgy Sokolov stated that Stellar’s blockchain was chosen to issue their stablecoins because of the need to achieve a high level of regulatory compliance.