The price of Stellar (XLM) continues to soar, with the cryptocurrency now sitting comfortably at the $0.34 mark. While no single marker for this sudden price hike can be established at the moment, XLM holders claim that recent positive platform developments might have had a role to play in all of this.

Additionally, statistical data indicates that XLM’s overall market capitalization has increased considerably within the past few days, with the price of one XLM token rising by as much as 25% within the past 48-72 hours.

XLM three-month performance chart (Courtesy of Coinmarketcap)

Other developments in relation to this story

Since the start of this year, Stellar has had a rocky market showing, with the currency depreciating nearly 85% in value over the past 6 months.

However, with news of big-name players such as IBM pairing XLM with their native digital stablecoin offering, the market as a whole seems to have warmed up towards Stellar once again.

Another development that could have influenced the price of XLM was BitIra’s move to add the alt-token to their digital platform. The lesser-known California-based exchange has expanded its token offerings within the past couple of months and now allows users to trade digital currencies such as stellar (XLM),  zcash (ZEC), bitcoin (BTC), ethereum (ETH), litecoin (LTC), ripple (XRP), bitcoin cash (BCH), and ethereum classic (ETC).

Final Take

With these aforementioned developments creating a lot of hype around Stellar, it now remains to be seen how the cryptocurrency fares in the weeks and months to come. However, if the prevailing market sentiment is anything to go by, the future of XLM looks quite bright.  

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