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. 

 

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

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin finds buyers despite new six-month and 2022 lows, BTC relief rally on deck

Bitcoin price action on Monday was mainly in a full-blown bear attack, with a new 2022 and six-month lows hit. That all changed near the end of the NY equity market session when buyers poured in to rally Bitcoin higher to close in the green for the second day in a row.

More Bitcoin news

Binance Coin bulls may take over as BNB finds support at $350

Binance Coin price has fallen more than 31% since last Monday and over 51% from the all-time high. A deeper push lower is likely if the bulls fail to keep Binance Coin above its final support zone. New 2022 and seven-month lows are coming up.

More Binance Coin news

Ethereum Price Prediction: Ethereum could drop to $1,800

Etheruem price action, like the rest of the cryptocurrency market, has been overwhelmingly bearish. Since last Monday, ETH has fallen more than 34% and is currently more than 50% below the all-time high. Ethereum price has one sliver of support left, preventing a significant sell-off.

More Ethereum news

Centrifuge leads the current parachain slot auction on the Polkadot network

Centrifuge, a real-world DeFi project, is leading the current parachain slot auction. Polkadot price dropped in the recent crypto bloodbath and analysts have predicted a downward continuation of the altcoin. 124M Polkadot tokens is locked in a crowdloan.

More Polkadot news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP