• 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. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves.

More Bitcoin News

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic (ETC) saw the headwinds that triggered the massive sell-off of 2022 fade a bit to the background in the first weeks of 2023. That resulted in bulls returning to life after a hibernation of almost five consecutive straight months.

More Ethereum Classic News

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple, the cross-border remittance giant is likely to win its legal battle against US financial regulator, the Securities and Exchange Commission (SEC) according to crypto proponent John Deaton.

More Ripple News

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

Shiba Inu holders who acquired SHIB more than 11 months ago are holding onto their tokens. These holders have refrained from selling their SHIB holdings since December 2021.

More Shiba Inu News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP