Categories: * Altcoin News

Stellar Price Spikes 50% on News of Korean Partnership

The stellar price soared more than 50 percent on Wednesday in response to news that the blockchain project had formed a partnership with recently-launched Korean cryptocurrency exchange GOPAX.

Earlier today, Stellar announced that it had formed a partnership with GOPAX, an exchange that launched in November under the banner of Streami, one of the Digital Currency Group’s portfolio companies.

The announcement was thin on details, but it immediately caused the stellar price to begin rocketing up the charts. The reason for this is that although South Korea has emerged as one of the world’s largest cryptocurrency markets, many cryptocurrencies — including stellar — have yet to penetrate it. Even if the stellar “partnership” turned out to be something as relatively mundane as being listed on the GOPAX exchange — although this appears unlikely given the tweet’s wording — that would still provide XLM with its first KRW trading pair, making it available to a host of new investors.

Source: CoinMarketCap

In the past day, the stellar price has risen more than 53 percent, bringing XLM to a present value of $0.16. Stellar had already been a bull run, thanks largely to the October announcement that IBM had tapped the Stellar platform for a cross-border blockchain payments solution. Thanks to this quarter-long rally, stellar’s market cap leaped to $2.9 billion, which is 12th-largest among all cryptocurrencies. Stellar has accumulated more than $360 million in daily trading volume, with nearly all of that concentrated in BTC pairs on Bittrex and Poloniex.

Source: CoinMarketCap

It is likely that more details about the partnership will be revealed on Friday at a joint meetup between Stellar and GOPAX, but many investors are looking forward to the weekend with even more anticipation.

On Saturday, Stellar will be holding a joint meetup with Coinone — the second-largest cryptocurrency exchange in Korea and a top 10 exchange overall. The topic for the meetup is “Roadmap to a Stellar Future,” and bullish investors are already speculating that Coinone will add trading pairs for stellar, further empowering XLM to penetrate the Korean market.

Featured image from Shutterstock.

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Tags: Stellar
Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge and Investing.com. He holds bitcoin, but does not engage in day trading. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.

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