The past week has largely been characterized by sideways action. The weekend, however, saw the market take a slight drop, falling below $135 billion, this has dropped further to see the total market cap reach $133 billion.
Although most major coins are still recording marginal drops, a few such as Cardano (ADA) and Ethereum Classic (ETC) are recording slight gains. Recording a more significant change in the last 24 hours is Stellar (XLM). XLM has surged by more than 12% at the time of press.
This price surge has seen the coin climb above stable coin Tether and goes only $10 million short of Binance coin which overtook it a couple of weeks ago. If the bullish trend persists XLM could soon get ahead of Binance coin again.
At the time of press, XLM is trading $0.103 with its market cap climbing to a little under $2 billion. In the last couple of hours, the coin has found resistance around the $0.107 position, failing at its attempt to reach the $0.11 position.
Stellar Partnership Helps Leverage Acquisition
The bulls have been boosted by an announcement that German firm Börsenmedien AG acquired a 5% stake in SatoshiPay. SatoshiPay is a startup that offers micro-payment solutions and is currently working on blockchain projects with Stellar. Börsenmedien AG is a leading media company established in 1998.
The partnership with Stellar allowed for SatoshiPay to leverage on Stellar’s blockchain that will allow the media house to introduce a pay-per-article scheme. The scheme will allow for readers to pay publishers using XLM, making transactions faster and swifter.
How Does This Boosts XLM?
Through the partnership, Stellar is also expected to supply free credits to new readers using the SatoshiPay wallet, allowing them to purchase content from the media company. The integration of XLM by the media house is expected to see the coin receive adoption by a large market and its demand go up. In addition to value addition in XLM, the project receives a huge boost in the form of investor confidence with the project.