Grayscale takes Stellar's XLM to top tier OTC desk as analysts expect prices to explode
- Grayscale Stellar Lumens Trust recently started trading on OTCQX, the highest market tier of OTC markets.
- Stellar development foundation continues preparation to add the ability to create automated market makers on the network.
- An analyst turned a long position in XLM from $300,000 in unrealized losses to $1.5 million in gains within a month.
The XLM ecosystem is focused on working for central bank digital currency projects. With new partnerships and updates in the XLM network, analysts expect the altcoin to break out.
XLM prepares for a breakout with latest updates in the ecosystem
OTC Markets Group Inc, an operator of financial markets for over 11,000 US and global securities, announced the debut of Grayscale Stellar Lumens Trust on their platform.
The XLM based Trust trades on OTCQX, the premium OTC desk under the symbol "GXLM." Craig Salm, Grayscale's Head of Legal, believes that,
This is an important milestone for digital currencies and demonstrates the continued maturation of the asset class.
Based on the latest developer update, the team at Stellar Development Foundation continues to prepare to add the ability to support automated market makers (AMM) on the blockchain. The arrival of AMM is expected to enhance liquidity to a large extent, promoting a bullish outlook among experts.
Bitso, a Latin American cryptocurrency exchange, has started integrating Stellar USD Coin (USDC) for its customers, using USD Coin as a bridge asset between Mexico and the US. Over two million users currently benefit from Stellar's integration at Bitso.
Further, the Stellar Community Fund has 4 million XLM tokens for distributing to projects based on a community vote. The network has asked projects to submit proposals and engage with the process.
In light of incentives and rewards offered by various protocols and blockchain networks for developing projects on their platforms, Stellar's initiative is attracting key developers in Web3 and dApp ecosystem to the network.
Cryptocurrency trader and investor @0xdOn recently shared his bullish outlook on the altcoin and stated that Stellar Lumens token (XLM) has high growth potential. The analyst turned around a long position in XLM from $300,000 in unrealized losses on September 28 to $1.5 million in unrealized gains as of October 20, 2021. @0xdOn tweeted:
https://t.co/nIQ1WaQiCC$XLM - If you thought I sold this position, you are wrong.
— 0xd0n (@0xd0n) October 20, 2021
This coin has a lot of potential for growth.
Was: -300k
Now: +1.5M pic.twitter.com/FVKMHHRuzg
FXStreet analysts have evaluated the XLM price trend, and predicted 85% gains in the altcoin, based on a bottom reversal pattern.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
