- Stellar is the only coin in green out of top-10.
- IBM-supported Stronghold USD is based on Stellar technology.
Stellar (XLM) is the 7th largest coin with a total market value $5.4B and average daily trading volume about $241 million, which is four times higher that on July 17. A series of positive news, including Stellar platform Sharia certification, explain the exponential growth of trading volumes
XLM/USD gained over 6% on a daily basis and became the only green coin in top-10.
The XLM spiked to $0.3267 on Wednesday before settling down at $0.2873 by the time of writing. Stellar coin is in strong bullish trend; however, the correction looks imminent as it is now strongly overbought.
Also, it has become known that the IBM-supported stablecoin is launched on Stellar platform. The news served as another positive trigger that added to the coins strength.
The asset-backed token known as Stronghold USD is developed by San Francisco-based fintech startup Stronghold. Buyers of the coin are supposed to deposit USD with the company’s partner bank Prime Trust, while IBM Blockchain will identify Stronghold USD uses in blockchain business networks.
XLM/USD, 1-hour chart