Stellar Price Soars 33% on OKEx Listing, Up 165% in 7 Days

Bitcoin price all-time high
Advertisement

The stellar price soared by 33 percent on Tuesday following its addition to cryptocurrency exchange OKEx.

Stellar Price Leaps by 33 Percent

It’s been a good month for projects founded by Jed McCaleb. The developer’s former project — ripple — returned the best performance of any cryptocurrency in 2017, and the token’s price has increased by nearly 1,000 percent since the beginning of December.

Meanwhile, stellar — McCaleb’s current project — has quietly surged to the eighth spot in the market cap rankings with a total valuation of just over $10 billion. In the past week, the stellar price has more than doubled, from $0.22 on Dec. 26 to $0.56 on Jan. 2, and the rally was capped off by 33 percent leap on Tuesday.

stellar price
Source: CoinMarketCap

The majority of XLM trading is concentrated in BTC trading pairs, and volume is fairly evenly distributed between Binance, Bittrex, and Poloniex. The stellar price, likewise, is fairly steady across these exchanges, and the spread between BTC and USDT pairs is just two percent.

stellar price
Source: CoinMarketCap

Rally Tied to OKEx Listing

The stellar price rally appears to be tied to its recent addition to Hong Kong-based cryptocurrency exchange OKEx, which currently ranks as the fifth-highest volume exchange. OKEx announced it would list stellar on Dec. 28, and the price began to shoot up shortly after the XLM market opened the next day.

Trading volume has been thin so far — OKEx has processed just $1.4 million worth of XLM/BTC volume during the past 24 hours — but it will likely increase as more investors return from holiday vacations and become aware of the new XLM market.

Aside from its addition to OKEx, stellar has also benefited from the recent announcement of a partnership with cryptocurrency payment processing service Pundi X that both increases access to XLM in Indonesia and could potentially lead to increased usage of stellar as a settlement tool for international trade involving the rupiah.

Write to Josiah Wilmoth at josiah.wilmoth(at)cryptocoinsnews.com.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.

Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement

Josiah is an assistant editor at CCN. A former ancient and medieval literature teacher, he has been reporting on cryptocurrency since 2014. He lives in rural North Carolina with his wife and children. He holds investment positions in bitcoin and other large-cap cryptocurrencies. Follow him on Twitter @Y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.