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Stellar (XLM) Spikes Ahead of Huobi Trading Launch

  • Yuri Molchan
    📰 News

    XLM price soars 15 percent raising hopes for new altcoin bullish wave


Stellar (XLM) Spikes Ahead of Huobi Trading Launch

Ahead of XLM trading launch in the Huobi crypto exchange the coin has jumped over a two-month high in price. This happened also a few days after Bitcoin rates also appreciated. At the moment of writing XLM is trading at $0.33 having risen almost 15 percent over the past 24 hours.

Experts believe that the rise in Stellar price could have been caused by the Asian exchanges. The XLM price spiked early in the morning on July 26th.

Huobi accommodates

The XLM quotes may keep rising even before the exchange starts trading. Deposits for Stellar were opened on July 25th , withdrawals are to start several days later.

Following the latest listing, XLM now has access to the biggest Asian markets. Binance, the world’s largest and Hong-Kong-based platform, still performs most trading for XLM. There the coin trades mostly against BTC and Tether (USDT). The volume of trading against the Korean won on the Upbit exchange totals to 16 percent of the overall trading volume in Asia.

Nevertheless, some experts believe that listing on Huobi may not only cause a price rise but also a correction, since now pumps will become easier to conduct through trading bots.

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Further expectations

Analysts also expect the XLM rate to show a larger breakout in the short term. However, nobody can foresee how big will be the next season of rising altcoins or how long it will last.

Earlier this week, a multinational B2B payment system TransferTo stated that it plans to involve XLM Blockchain platform in their operations for lowering costs of payments for their customers. It will be engaged in over 70 countries all over the world, including the US, China and Latin America.

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Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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