Cryptocurrency Market Update: Stellar Flies High on New Partnership

Crypto land is still in the green, Stellar, ChainLink, Stratis and Komodo making good gains.

The correction has not happened yet and markets are still creeping higher. Only Bitcoin and a couple of altcoins seem to be the beneficiaries however. Total market capitalization has broken $300 billion and is holding just above it at the moment.

Bitcoin has remained stable on the day with no gains or losses, holding at $8,240 at the time of writing. It still may pull back to below $8k as traders take profits but is steady this morning. Ethereum has made a marginal gain of 1.8% to trade at $485 but has been flat over the week posting no gains since the same time last Thursday.

Altcoins are generally in the green at the moment with one or two enjoying double digit growth this morning. One of those coins is Stellar Lumens which is up 11% on the day according to Coinmarketcap. XLM is currently trading at $0.332, which is up from $0.297 this time yesterday. On the week Stellar has made 9% from $0.307 this time last week. The monthly picture looks even better with a gain of 73% from just under $0.20 this time last month. Against Bitcoin XLM is up 11.4% on the day to 4070 satoshis but down 3% on the week from 4200 sats on Thursday last week.

Momentum has been driven by the TransferTo partnership which will enable Stellar to be used in cross-border transactions in over 70 countries.

Singapore-based Series B-funded company has chosen Stellar to promote financial inclusion in 70+ countries, with offices including in Miami and London.

100+ millon…

— Stellar Lumens (@StellarLumens) July 25, 2018

The announcement goes on to state; “Under this collaboration, financial institutions and partners of both and TransferTo will benefit from the combined network coverage, and be able to leverage new technologies to send and receive money more efficiently to more than 70 countries.”

Binance currently takes the bulk of Lumens trade with around 45% of the total. Daily volume has doubled over the past 24 hours from $100 million to $200 million as Stellar makes its move. It has already surpassed Litecoin in the market cap charts with $6.2 billion and sixth palace.

Other altcoins making moves today include ChainLink and Stratis which are both up around 15% and Komodo climbing 9% on the day. Total crypto market capitalization has inched up 1.6% to $303 billion but trade volume has plunged 25% from $20 to $15 billion on the day.

More on Stellar can be found here:

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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