XLM gained ground, reaching a more than two-month peak in value, as trading on Huobi starts on Thursday.
Stellar (XLM) renewed its upward movement, days after Bitcoin prices also picked up the pace. XLM rose to a more than two-month high of nearly $0.35 as at 7:40 UTC on Thursday, up almost 15% for the past 24 hours. Apparently, XLM got a boost from the Asian markets, as price and volumes increased in the early hours on Thursday (UTC). Even before that, XLM was on the move, rising back to $0.30.
The price growth may continue, as Huobi trading is scheduled to start on Thursday, as announced by the exchange on Wednesday. Deposits for XLM were opened on Wednesday, and withdrawals will be available on July 28.
With the latest listing, XLM is now exposed to the most active Asian exchanges. At the moment, Hong Kong-based Binance is still the most active market for XLM, with BTC trading accounting for 27% and Tether (USDT) making up another 15% of overall XLM trading volumes for the past 24 hours. Trading against the Korean won on the country’s leading exchange Upbit accounts for some 16% of volumes.
However, presence on a wider array of exchanges may change the behavior of XLM, as the prevalence of one exchange makes pumps and bot activity easier. The effect of Huobi is yet to be seen, as it may either underpin the price spike, or lead to a consolidation.
Traders are noticing a pattern of low altcoin prices relative to BTC, creating expectations of another altcoin bull market happening soon:
The XLM market price is also expected to stage a greater breakout soon, but no one can predict the size or duration of the next altcoin season.
On Wednesday, TransferTo, a multinational business-to-business (B2B) remittance system, said it will use Stellar’s blockchain-based system for more seamless and efficient cross-border facilitation service in a bid to attract new clients by cutting the cost of payments. The deal covers 70 countries including the USA, China, Australia, China, India and most of Latin America.
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