|

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:

FXStreet analysts have evaluated the XLM price trend, and predicted 85% gains in the altcoin, based on a bottom reversal pattern. 

Author

Ekta Mourya

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.

More from Ekta Mourya
Share:

Editor's Picks

XRP grinds lower despite Ripple securing final OCC approval for National Trust Bank

Ripple is rising above $1.30 on Tuesday, while still largely constrained by technical hurdles. The token is down roughly 16% from its October high of $1.56, and 21% from the September peak of $1.66, reflecting weeks of persistent headwinds and risk-off sentiment.

Crypto Today: Bitcoin, Ethereum and XRP on edge as sell-side pressure intensifies

Cryptocurrency prices are broadly correcting on Tuesday, led by Bitcoin edging lower below the pivotal $80,000 level. Ethereum mirrors Bitcoin’s neutral-to-bearish outlook, while Ripple hovers around $1.30.

Top Altcoins Price Forecast: Ripple, Cardano, Solana extend losses amid persistent selling pressure

Top altcoins, including Ripple, Cardano, and Solana, face intense selling pressure, extending losses from the previous week. XRP tests the $1.2941 support floor, while ADA risks deeper losses and SOL struggles near the $100 mark.

Bitcoin consolidates below $80,000 as Middle East tensions, tech earnings loom

Bitcoin trades below $80,000 on Tuesday, failing to close above the 50-day EMA near $80,765 the previous day. Spot BTC ETFs recorded modest inflows of $110.34 million on Monday, while Strategy made no BTC purchases last week and Strive added 6,182 BTC.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.