Stellar Against the Grain: XLM Surges After German Media Company Invests in SatoshiPay
Despite being under the radar for much of 2019, Stellar (XLM) has enjoyed sizable gains over the past five days thanks to a major adoption push from German media company Börsenmedien AG. The ninth-largest blockchain is also the recipient of positive speculation concerning its budding relationship with IBM.
Stellar’s XLM price surged by as much as 15.3% on Monday to reach its highest level since late January. XLM is currently valued at $0.1026, having gained 9.2%. The price has rallied more than 23% over the past seven days. By comparison, the overall cryptocurrency market is down 1% on Monday and has gained just 5% in the last week.
At current values, the Stellar blockchain is valued at nearly $2 billion, according to CoinMarketCap. XLM is currently competing with Tether (USDT) for eighth spot in the market cap index. Stellar was ranked as high as sixth before being overtaken by USDT, Binance Coin (BNB) and bitcoin cash (BCH). Read: Binance Coin Flips Stellar as Meteoric Surge Continues; Is Crypto Winter Coming to an End?
XLM trade volumes have doubled in the last week to reach $262 million. Binance remains the single largest market for XLM trades, with more than one-fifth of the volume concentrated on the world’s largest exchange. UPbit and ZB.com are ranked second and third, respectively.
Stellar Adoption Drive
XLM’s resurgence began last week after German financial media company Börsenmedien AG announced an investment stake in SatoshiPay, a Stellar-backed micropayment service. SatoshiPay launched its micropayment service in 2016 to allow users to pay for tip-worthy content with very small amounts of cryptocurrency.
Börsenmedien AG plans to leverage SatoshiPay for its online content portal, which allows users to pay-per-article. Bernd Förtsch, the company’s CEO, issued the following statement:
“There’s a gap in between inexpensive content that can be purchased on a pay-per-article plan, without hassle. SatoshiPay’s nano payment solution represents that missing link that fills the gap. We are excited about our stake in SatoshiPay, as well as the upcoming integration of their solution on our websites.”
By owning a stake in SatoshiPay, Börsenmedien is essentially driving adoption of XLM tokens since they are used to facilitate the micropayment service. The adoption drive could put XLM on the fast track to recovery in the near term.
Last month, IBM’s Jesse Lund said users can expect “a lot of announcements” concerning Blockchain World Wire, a Stellar-powered cross-border payment solution. In an interview with The Daily Exchange, a YouTube podcast, Lund explained how World Wire’s initial rollout will involve 50 countries and 40 banks. He also hinted at a special partnership with the Stellar Development Foundation.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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