Right now, XLM is behaving a lot like Bitcoin. At some point, if these altcoins want to stand apart from Bitcoin, they need to behave in a more predictable way. Does this mean that investors don’t understand how the two cryptocurrencies are different? Or that they know but simply don’t care.Įither way, many analysts are telling investors that the volatility shouldn’t steer them away from XLM. CoinMarketCap News, Nov 30: Sam Bankman-Fried Just Wont Stop Talking Coinbase Wallet Drops Bitcoin Cash, Ethereum Classic, Stellar Lumens and XRP Top. 6 hours ago &0183 &32 The price growth has solidified the Stellar protocol as one of the top tokens and caused steady growth of the Stellar ecosystem. XLM Must Shed Its Correlation With Bitcoin That’s one reason that the Stellar Development Foundation, the body that oversees and supports the growth of the Stellar blockchain, authorized the burning of a large quantity of the lumen in 2020 to support the organization’s marketing efforts. And there’s no guarantee that corporations or other central banks won’t use their own blockchain. After all, you don’t get to be the rebel by cozying up to the establishment.īut what may be a larger concern is that the currency already has a serious challenger in Ripple. What’s the End Game?īut while that makes for a compelling case to buy XLM in the short- to medium-term, it’s less clear what it means for the long-term future of the lumen. Every transaction on the Stellar network, whether conducted in XLM or not, requires a fee to be paid in lumens.Īnd with there being a fixed quantity of XLM with no plans to create more, it’s likely that the cryptocurrency will climb in value. For example, Dogecoin is another alt cryptocurrency that is popular but it costs less. XLM price is now trading above 0.090 and the 55 simple moving average (4 hours). And there is some discussion that other central banks will look to use the Stellar blockchain to host their CBDCs. The Stellar Lumens coins cost about 40.9 cents which makes XLM more expensive than a number of alt currencies. Stellar lumen price started a downside correction from the 0.0945 zone against the US Dollar. In January, Stellar signed an agreement with the Ukrainian government to assist in the development of the infrastructure for what will be a national digital currency. After all, 80% of central banks are engaged in work to create central bank digital currencies (CBDCs). Of course, this is self-serving to a point. Motley Fool Issues Rare All In Buy Alert.
It is actively looking to partner with central banks. A 1 Stellar Lumen would represent a substantial leap of about 570, a challenging yet possible feat given the volatility of the crypto market. Stellar is taking a distinctly different approach. 7 Triple A-Rated Stocks to Buy for the Second Half of 2021.It also means operating apart from central banks and other traditional banking institutions. This doesn’t just mean being an alternative to fiat currency. The appeal of cryptocurrency is the idea that investors have access to a decentralized currency. With that in mind, let’s take a closer look at the opportunity that exists in Stellar Lumens.
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