Stellar Lumens (XLM) traded up 7% against the US dollar in the last 24 hours. The driving force behind the price increase could be the speculations that Fidelity might use XLM blockchain to move digital assets on their platform. Fidelity is a newly launched institutional investment platform for Bitcoin and Ethereum, which heated the hopes of crypto investors that this news might pave the way for a long-awaited strong rebound in the cryptocurrency markets before the year end.
The speculation is not completely ungrounded considering that Tom Jessop, the head of corporate business at Fidelity, is the formal head of Chain, which is one of the blockchain platforms that formed Interstellar. The C-level executives usually use their connections and network for on-boarding new customers which puts Stellar in the front-runner seat to be used by Fidelity. Jessop was 17 years at Goldman Sachs before moving to Chain. Stellar community is hopeful that “If he puts Fidelity on the Stellar Network, maybe he’ll tell his buddies at Goldman Sachs to do so as well”
Apart from the Fidelity rumors, HongKong-based exchange Coinsuper also revealed that it would be listing XLM on its platform, increasing its liquidity and exposure to retail investors in the country. Coinsuper announced that Stellar Lumens can be traded in the following pairs: XLM/BTC and XLM/ETH starting this week.
Potential Boosters of XLM price
Even if the Fidelity story doesn’t pan out as planned, XLM holders have plenty of reasons to be bullish about their tokens. Stellar’s partnership with IBM is in constant spotlight and it is one of the cornerstones of the whole Stellar story.
The fact that Stellar network will be hosting “the first stable coin” issued by the tech giant IBM could be another catalyst for XLM in the market so it would be able to get closer to its record price of 0.75$ also breaking the resistance of 0.80$ and going up for reaching 1$ by the end of the current year.
In order to back up assets which are based on Stellar, BLOC company announced the official start of a partnership agreement between the company called Hyperion and Stellar Lumens network. The way that Hyperion partnership with Interstellar might be pushing the value of XLM is reflected in the fact that Hyperion is actually hosting trades of digital assets in an environment that is fully regulated by the Securities and Exchange Commission.
Stellar Lumens is currently ranked number 6 on the market cap list with a market capitalization of around $4.5 billion.
Join Our Telegram Channel or Follow @CaptainAltcoin