Stellar Price Up 77% for the Week as Protocol Gains Sharia Compliance

The daily volume for the entire crypto market has jumped 144% in the last three days, up from $8.7 billion on July 15th to the current $21 billion at the time of writing. Every coin in the top ten is glowing green, with Stellar in particular showing tremendous growth for the day.

Earlier this morning XLM coins were trading for $0.23. Fast forward just over twenty hours and that price now sits at $0.318 – that’s a 38% increase for the day, and sets Stellar apart as the best performer in the top ten, run close only by Cardano’s 25%+ growth in the same time frame.

Just six days ago, on July 12th, one unit of XLM was valued at $0.179, meaning today’s price marks 77% growth for Stellar in less than a calendar week. Stellar has now smashed through the monthly high, recording its highest market value since May 22nd.

Stellar’s highest concentration of trade movement has come on Binance today, with BTC and USDT being popular trades. The Korean touch is also felt with around 18% of Stellar’s trades coming against KRW on the Upbit and GOPAX exchanges. The overall daily volume for XLM is currently 425% higher than it was this time last week.

Sharia Compliance

According to a Reuters press release which dropped just last night, Stellar has just received a certificate of Sharia compliance, one which will allow them to focus on bringing the 1.6 billion Muslim population onto the blockchain, so to speak.

Muslim adoption of cryptocurrency has always had to contend with religious money laws, but this recent development could be the watershed moment which changes everything – not just for Stellar, but the for the entire crypto market as it spreads across new lands.

Mansoor Ahmed, assistant general manager at Shariya Review Bureau, said that the technological aspects were never a sticking point:

““For the blockchain technology there was no issue, the main thing we needed to consider was the use of the underlying cryptocurrency”

The Islamic approach to finance is one that emphasizes real-world assets, and tangible value. The accumulation of interest, for example, is forbidden in Islamic society, and so it’s easy to see why there were concerns about cryptocurrency to begin with.

Coinbase and IBM

Stellar and Cardano were two of the coins mentioned in the Coinbase tweet earlier in the week, and the spikes they experienced at the time have compounded over the last 24 hours.

Meanwhile, Stellar’s close relationship with IBM continues to flourish this week as IBM launch their own stablecoin on the Stellar platform.

Stronghold USD is intended to be Stellar and IBM’s answer to Tether; although unlike Tether, one would expect much greater transparency from a company like IBM.

Jesse Lund, IBM’s vice president of Global Blockchain told Reuters:

“IBM will explore use cases with business networks that we have developed, as a user of the token. We see this as a way of bringing financial settlement into the transactional business network that we have been building.”

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.