Stellar Poised For 50% Surge Against Bitcoin Following Supply Burn Spike

The altcoin known as Stellar (XLM) has been among the top ten list of crypto assets by market cap for some time, but has been among the least hyped of the bunch since the bear market first began in 2018.
That all may change, soon, as the crypto asset may be poised for as much as a 50% gain against Bitcoin in the coming days, according to one prominent crypto analyst.
Stellar Launchpad Ready For Over 50% Pump Against Bitcoin
Stellar (XLM) has struggled throughout the bear market to maintain any positive momentum and is one of the few crypto assets that hasn’t yet broken out of downtrend resistance dating back as far as its previous all-time high.
Related Reading | Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine Bitcoin 
At the peak of the crypto hype bubble, Stellar had reached prices of nearly $1 per token, but is currently down over 90% and is trading at just under 8 cents per token.
Things appeared bleaker for Stellar, and was trading at under 5 cents per token in September, but the Stellar Foundation recently burned half of the token supply, causing a massive pump. The Stellar Foundation burned 55 million XLM tokens, resulting in a 25% surge in asset prices.
But the pump may not completely be over, and Stellar instead may be gearing up for another leg up, and one that could result in as much as a 50% gain against Bitcoin in the coming days.
According to prominent crypto analyst DonAlt, Stellar is showing signs that XLM/BTC trading pair is ready for an extremely strong move up, now that resistance has been breached, and could be targeting 1400 sats.
XLM Supply Burn Wasn’t Enough To Restore Bullish Momentum
XLM is currently trading at around 900 sats, and a move to 1400 sats would be a 55% increase from current prices. However, the increase is based on performance against Bitcoin on the XLM/BTC trading pair, and not the US dollar.
On XLM/USD charts, the crypto asset has yet to break out from downtrend resistance and could continue to be locked in a downtrend against the dollar, all while it outperforms Bitcoin. Such a move would suggest Bitcoin could suffer a dangerous drop, causing a divergence in performance next to Stellar.
Stellar is currently the 10th largest cryptocurrency by market cap, right behind Bitcoin for Bitcoin Satoshi Vision, and just ahead of Justin Sun’s Tron cryptocurrency.
Related Reading | Nearly Two Years Later, A Retail Crypto Fund Experiment Is Down 81%
Stellar remains down as much as 90% from its former all-time high price, and for the crypto asset to return to such prices, would require a 1,150% gain. XLM is just one of many altcoins that has underperformed Bitcoin by a large margin in 2019.
Featured image from Shutterstock
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Analyst: Stellar (XLM) Decreasing Supply Could Increase Chances of Exchange Delisting

The Stellar Development Foundation’s (SDF) unanimous decision to burn XLM’s supply by half could spell troubles for the project, believes noted bitcoin maximalist WhalePanda.
The anonymous trader on Tuesday said the cryptocurrency exchanges could start treating XLM as security, explaining that SDF showed excessive control over the blockchain asset when they cut down its supply from 105 billion to 50 billion. The move increased the chances of getting XLM delisted from exchanges that have been careful about which digital asset they would list on their trading platforms.

I wonder how long it will take for them to realize that burning 50% of the supply actually makes you even more a security and increases the chances of getting delisted on exchanges. $XLMhttps://t.co/4KiR9wVA9r
— WhalePanda (@WhalePanda) November 5, 2019

So Far So Good
The statement came almost a year after the New York Department of Financial Services (NYDFS) allowed a local exchange itBit to list XLM. While the department did not issue any statement regarding the cryptocurrency’s original category, its move indicated that it considered XLM as a security token.
Instances such as these also prompted other US exchanges to list XLM pairs on their trading platforms. San Francisco-based Coinbase started offering XLM trading services from March 2019 all across the US, with the exception of New York City. However, in September 2019, the firm obtained permission from the NYDFS to cater to New York residents for XLM trading.
Part of the reason why exchanges are comfortable with listing XLM was its nonprofit backing. SDF never behaved as an organization that was out to sell XLM for profits. In September, for instance, SDF announced a massive giveaway of $124 million worth of XLM tokens to Keybase – a group messaging, community and file transfer hub.
In contrast, Stellar’s closes rival Ripple was selling off its XRP holdings of hundreds of millions of dollars to boost its adoption. Ripple continues to be in a legal battle with its early investors, attempting to prove that its XRP tokens are not securities.

But WhalePanda thinks exchanges are about to feel cold-feet about XLM’s future prospects on their platform. That is majorly due to the 1946 Howey Test, a benchmark for the US Securities and Exchange (SEC) in determining which assets are securities. The law can see SDF’s decision to cut supply as an effort to boost its prices in retail markets, which makes XLM security. Nevertheless, since the token is not funding a for-profit enterprise, there is always a scope for debate whether it is partial or full security.
XLM Going Up
The reduction in supply, meanwhile, is also boosting the XLM price. The XLM/USD instrument since yesterday has surged by up to 31 percent, thereby becoming the most profitable digital asset on Tuesday. Investors believe scarcity makes the cryptocurrency more bullish – again signifying that SDF’s move is an effort to boost Stellar’s value.

I think it’s just a desperation move to pump up the value of their coin TBH. Guess that means they are throwing in the towel on capturing the market they thought they would. People will probably rush into it but I’m not touching XLM. What the hell is it being used for? Seriously?
— Alltheway08 (@alltheway08) November 5, 2019

 
 
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Crypto Influencer Explains Why Ripple Can’t Burn XRP Like Stellar Burnt XLM

Crypto influencer Tiffany Hayden explains that Ripple can’t burn XRP like Stellar burnt XLM because none of the XRP that Ripple has are unowned.
Why Should Ripple Burn XRP?
The Stellar Development Foundation (SDF) recently announced that it was going to burn more than half of its total supply of XLM tokens. There are a total of 105 XLM tokens and the burning will reduce the amount to 55 billion tokens. However, Stellar’s circulating supply remains unchanged. At press time The announcement has reflected positively on the price of XLM, which went over 20% in the last 24 hours. At press time, Stellar is trading at $0.079.
While XLM supporters are rejoicing, XRP supporters have begun to question why Ripple isn’t doing the same since the crypto asset has not exactly pleased them with its performance this year. XRP, while it has shown growth this year, it has been rather humble when compared to other top cryptocurrencies.
Source: Coindesk
So, it is natural for XRP supporters to feel envious of XLM because the two cryptocurrencies are so similar. In fact, both the companies have the same objectives for the payments industry – cheaper and faster cross border payments. So, if the burning had a positive impact on XLM’s price, then it would have done the same to XRP. However, crypto influencer Tiffany Hayden explains that while XRP and XLM may be similar, Stellar and Ripple are very different.
Ripple and Stellar Are Not Similar
Tiffany Hayden explains that while Stellar is a non-profit with no shareholders, it isn’t the case with Ripple. Venture Capitalists, who have invested over $120 MM in Ripple, are its shareholders and Ripple has a fiduciary responsibility towards them.
Source: Twitter
In other words, Ripple has no unowned XRP that it can burn. All the XRP belong to shareholders, which include both employees and investors, according to Hayden. She also said that if nobody cared about legal ownership, then the validators on the network could burn XRP holdings, like it is done on other networks.
It is to be noted that previously, Ripple CEO, Brad Garlinghouse had made a statement that Ripple could do whatever it wanted with the XRP that was unlocked from its escrow accounts. He also cleared what Ripple actually did with the XRP that was released from its escrows. Two years ago, Ripple had created 55 escrow accounts with 1 billion XRP in each of them. 1 account unlocked each month releasing 1 billion XRP for the Ripple team. According to Garlinghouse, a part of the XRP is sold programmatically and through OTC trades. The money from the sales is used for developing Ripple and new partnerships. The rest of the XRP goes back into a new escrow account.
Thus, Ripple’s selling XRP may lead to slower growth of XRP in the short term, but in the long term, it means greater adoption of Ripple’s products and XRP, and a more robust XRP economy. Burning may push XRP price upwards for now, but it will not necessarily translate into XRP growth in the long run.
Do you think Ripple should burn XRP to push prices? Let us know what you think in the comments below!
 
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Source: CoinGape

Decred, Stellar Post Massive Gains as Bitcoin Uptrend Halts

Decred (DCR) and Stellar (XLM) were moving higher on Friday as traders shifted focus from sideways-biased bitcoin.
The thirty fifth-largest blockchain project by market valuation, Decred, today surged by as much as 17.83 percent against bitcoin to trade at 1,755 sats a token. At the same time, the altcoin’s performance against the US dollar also improved, with DCR/USD pair registering up to 19.14 percent gains since the market open, to trade at $18.73 a token.
Decred’s DCR outperforms bitcoin on Friday morning trade | Image credits: TradingView.com
Stellar, the world’s tenth-largest blockchain project by market capitalization, also showed similar upside movements like that of Decred. The firm’s native token, XLM, jumped by as much as 11.94 percent against bitcoin on Friday to trade at 797 sats. Meanwhile, its value against the US dollar was also strong, with the pair XLM/USD registering up to 11.19 percent in session profits.
Stellar’s XLM registers solid gains during Friday trade | Image credits: TradingView.com
The capital outflow from bitcoin to both Stellar and Decred did not affect its intraday bias much. The benchmark cryptocurrency was trading in a positive area on Friday, up by 0.51 percent, as its macro bullish bias remained strong. Bitcoin’s halving event next year, which would see its supply rate cut by half, is particularly prompting speculators to hold on to it. Meanwhile, mainstream financial companies are building a regulated bitcoin trading infrastructure to cater to institutional investors, especially amidst the fears of a recession that could send big monies looking for non-correlated safe-havens.
Fundamentals
Gains in Stellar’s XLM appeared shortly after Japanese cryptocurrency exchange Coincheck announced that it would start offering XLM trading from November 12. Yoriko Beal, the co-founder of HashHub – a blockchain community in Tokyo, said after the announcement.
“It’s significant news because this is the first token to be whitelisted by regulator after crypto regulation came into effect.”
XLM’s upside action came also ahead of its annual Meridian conference, showing how traders might have increased their Long positions on the altcoin while expecting short-term profits. That further indicates that XLM might correct heavily to the downside in the coming days against Bitcoin. 2019 is the altcoin’s worst year against BTC; the XLM/BTC pair is down by more than 75 percent on a year-to-date (YTD) basis.
Unlike Stellar, Decred did not show any strong fundamentals that could explain its intraday price rally. The upside looked technical since the DCR token is also down by more than 60 percent against bitcoin YTD.

Politeia, Decred's off-chain governance platform for managing the network treasury, has been updated with a complete frontend overhaul. Go check it out at:https://t.co/X7EkVqdeqk pic.twitter.com/II8VixSqxx
— Luke Powell (@lukebp_) October 29, 2019

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Stellar [XLM] Gains 13% After Changes Imposed to its Supply Characteristics

Stellar [XLM] price gained 13% in a bullish breakout late on Thursday. XLM price recorded a high of $0.072.
The price of  XLM at 5: 00 Hours UTC on 1st November 2019 is $0.069. It is trading 9% higher on a daily scale.
 
XLM/USD 4-Hour chart on Kraken (TradingView)
There are a couple of reasons and catalyst to the move. The most important among them is the end of the inflation program in Stellar. Stellar announced a new update to its protocol to increase the viability of cross-border payments using XLM.
The earlier model added 1% to XLM supply every year, the XLM was distributed to the stakeholders weekly after a voting process.
However, the Stellar Organization observed that the model was reaching an impasse. The new XLM was simply being stacked and the voting was also insignificant. Hence, instead of distributing the fees, it will begin burning the fees paid for conduction transactions on Stellar.
While this weakens the economic model as stakeholders are left with no earning opportunity, it curbs the supply of XLM. From November, the supply of XLM will remain constant which until now was increasing at a rate of 1% annually. During bearish altcoin sentiments, inflation acts as a strong force of devaluation.
The amount circulation supply of Stellar is 20,054,779,554 XLM, while the total supply of Stellar is at 105,443,902,087 XLM. About 80% supply of pre-mined XLM is yet to release. Moreover, the update which disabled inflation can be switched back on. Hence, after considerable growth of the network, the stakeholders can expect inflation to resume.
For now, Binance has ended the XLM staking support on its Exchange from November. Recently, Travala.com, the crypto-focused travel, and hotel booking website also added support for Stellar and Cardano.
Do you think Stellar Organization made the right decision? Please share your views with us. 
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Source: CoinGape

Altcoins Energized as XRP, XLM and ZRX Leave Bitcoin Behind

Another day of inactivity and consolidation for Bitcoin has kept the king of crypto just above support. Its lethargy has resulted in another dip in market share as a few of the altcoins start to make bigger moves. Ripple’s XRP, Stellar Lumens and 0x are among them.
Bitcoin Dominance Dip Good For XRP
A couple of very brief touches of $8,400 was all that BTC could muster over the past 24 hours. Clearly there are too many bears lurking here and resistance is proving too strong for another day. On the low side Bitcoin dropped to $8,240 but recovered back to site smack in the middle of its ranging channel at just over $8,300 again.
The continued tedium on BTC markets has been music to the ears of altcoin traders, especially those into XRP. The Ripple token has made over 11% since the weekend, adding half of that today as it approaches strong resistance.
According to Tradingview.com XRP is one of the day’s top performing digital assets as it hit $0.298 a couple of hours ago. The move has invigorated the ‘XRP Army’ on CT who has turned bullish on their baby which has posted a 20% gain in October.
XRP price October 2019 – Tradingview.com
What should be noted however is that even after this increase, the Ripple token is still down 15% since the beginning of the year so has a long way to go.
The upcoming Ripple Swell event in Singapore early this month appears to be driving momentum as it has done in previous years. The gathering of Ripple executives and XRP advocates is the most bullish event of the year for the company and its token deserves some long awaited love.
There is a massive wall of resistance at $0.30 which is currently being tested, but a break of this could see a bigger pump for XRP.
Stellar, 0x Lifting Off
As usual when XRP moves, its little sister follows. XLM has made 8% over the past 24 hours as it climbs to $0.065, however it too is way down from previous highs and has a long way to go. Stellar momentum is likely to mimic Ripple’s as the two tokens often move in tandem.
There is little fundamentally driving XLM at the moment so the Swell event could be beneficial to it too. Stellar is currently ranked tenth in terms of market cap which has reached $1.3 billion today.
Today’s other big mover is ZRX which has made a larger 10% jump to reach $0.337. Daily volume for the DEX protocol token has doubled to $64 million as it creeps back up the market cap charts outperforming those around it. Plenty of updates were announced at Devcon 5 as development on the protocol continues.
Bitcoin’s slowdown is finally starting to benefit some of the altcoins with XRP, XLM and ZRX leading the way today.
Image from Shutterstock
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UK Customers to Enjoy Full GBP Support Following Coinbase Reinstatement

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UK Customers to Enjoy Full GBP Support Following Coinbase Reinstatement
After nearly three months of a blackout, Coinbase’s UK retail and institutional customers can now withdraw and deposit cash within 60 seconds.
UK Customers to Enjoy Full GBP Support Following Coinbase Reinstatement

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Source: CoinSpeaker

German Serial Entrepreneur Marvin Steinberg Discusses the Benefits of STOs

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German Serial Entrepreneur Marvin Steinberg Discusses the Benefits of STOs
Though ICOs have already lost their positions, STOs, being regulated and more secure, are still here. Marvin Steinberg has shared his vision on the benefits STOs can bring to investors.
German Serial Entrepreneur Marvin Steinberg Discusses the Benefits of STOs

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Source: CoinSpeaker

Binance Staking Platform Launched for 8 Cryptocurrencies

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Binance Staking Platform Launched for 8 Cryptocurrencies
Binance has launched its staking platform that enables users to earn dividends or interest on their digital assets just for depositing them on the platform.
Binance Staking Platform Launched for 8 Cryptocurrencies

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Source: CoinSpeaker

Crypto Exchange Giant Binance Finally Launched US Trading

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Crypto Exchange Giant Binance Finally Launched US Trading
Today, on September 24, crypto exchange giant Binance has announced the launch of its arm in the U.S. market. Binance.US is finally opened.
Crypto Exchange Giant Binance Finally Launched US Trading

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Source: CoinSpeaker

Stellar Price Analysis: XLM/USD Sustains Breakout, Is $0.1 Achievable?

Stellar extends the bullish action amid a general retreat for bulls cross the market.
Technical indicators suggest resilience among the bulls and ability to push for higher correction in the near-term.

Stellar is arguably the best performer among the top ten cryptocurrencies. For three days in a row, the cryptoasset has posted incredible gains assuring investors of a brighter future. Initially, the gains came as a ripple effect to the bullish wave that stirred the altcoin market. Bitcoin remained mostly depressed ignoring the brief altcoin boom. In fact, the largest cryptocurrency went ahead to post declines below $10,000 and even refreshed $9,600 support.
Meanwhile, Stellar is trading 13% higher in the last 24 hours after making headway above the 100 Moving Average (MA). The breakout was unstoppable at various resistance zones including $0.065, the 38.2% Fib resistance level taken between the last swing high of $0.089 to a swing low of $0.058, $0.075 and $0.080.
XLM/USD 1-hour chart
XLM/USD price chart by Tradingview
The bullish action extended to the swing high $0.089 before the bears swung. The correction across the market on Thursday is mostly driven by Bitcoins plunger to $9,600 saw Stellar trim gains to the support at $0.075. However, recovery has been underway towards the current immediate hurdle at $0.085.
Also providing support to the crypto asset currently exchanging hands at $0.083is the short-term ascending trendline. Other key support areas are the above-mentioned resistance areas that have since turned into potential support areas starting with $0.075, the 38.2% Fib level at $0.07 and $0.065. The major support is observed at $0.055 while the 100 MA on the hourly chart will cushion the drop as well.
The various technical indicators applied on the chart such as the relative strength index and the moving average convergence divergence show the resilience of the bulls to sustain the gains across over the past few days.
Stellar Key Technical Levels
Spot rate: $0.0827
Trend: Generally bullish
Support: Multiple strong support areas
Resistance areas: $0.085 and $0.1
The post Stellar Price Analysis: XLM/USD Sustains Breakout, Is $0.1 Achievable? appeared first on Coingape.
Source: CoinGape

Bitcoin Cross-Border Payments Now Available in 60 Latin American Banks

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Bitcoin Cross-Border Payments Now Available in 60 Latin American Banks
Bantotal, a core banking service provider, is working closely with Bitex crypto exchange to facilitate cross-border payments using the Bitcoin blockchain targeting at least 60 Latin American banks.
Bitcoin Cross-Border Payments Now Available in 60 Latin American Banks

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Source: CoinSpeaker

Croatian Post Went On to Trial Crypto Exchange Service

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Croatian Post Went On to Trial Crypto Exchange Service
The Croatian Post collaborated with Electrocoin to operate a pilot program for a crypto-fiat exchange. It is reported that the pilot project will facilitate crypto owners to exchange Bitcoin (BTC), Ether (ETH), Stellar (XLM), XRP and EOS for fiat money.
Croatian Post Went On to Trial Crypto Exchange Service

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Source: CoinSpeaker

Fidelity-Backed Blockchain Accelerator Attracts Over 50 Mentors

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Fidelity-Backed Blockchain Accelerator Attracts Over 50 Mentors
The blockchain accelerator program called Startup Studio which is backed by Fidelity Investments and 20 other companies, has managed to attract over 50 mentors.
Fidelity-Backed Blockchain Accelerator Attracts Over 50 Mentors

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Source: CoinSpeaker

Crypto-Market Top Weekly Performers: Bitcoin, Monero, Binance Coin, Stellar, ChainLink

Cryptocurrency markets witnessed another exciting week as the Bitcoin [BTC] began the week with a robust bullish action, but failed to yield. Furthermore, the altcoin ‘hodlers‘ suffered massive losses to the tune of more than 20%.
Moreover, Bitcoin [BTC] bulls also seem exhausted at the moment as the price keeps falling to find support. Overall, this was a bearish week for the cryptocurrency markets as the market capitalization dropped. The losses for altcoin traders were further accentuated by the rising dominance of Bitcoin; which is currently 65.4%.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Opening Price: $$11,300
Closing Price: $10,612
The weekly Loss: 6%
Weekly High/Low: $13200/$10,555
The general sentiments of the market were bearish. Hence, while all coins are in red, these are the ones’ that took slightly fewer losses compared to others.
Monero (XMR)
XMR/USD 1-Day Chart on Binance (TradingView)
Monero is one of the most popular privacy-focused cryptocurrency. This week while most cryptocurrencies broke their USD support, Monero has tried to maintain support around $88.
Opening Price: $98.5
Closing Price: $87.1
Weekly Loss: 11.9%
Weekly High/Low: $116.7/$84.4
Binance [BNB] Coin
Binance conducted to 8th quarterly token burn, which saw a burn of 808,888 BNB tokens which came as positive news for the traders. However, there are significant concerns around the supply and hence, price discovery, which seems to be keeping the bulls at bay.
Nevertheless, the Exchange has been growing massively with increasing volume almost every quarter. Huobi Token and LEO, the other two exchange backed tokens are also holding onto gains at the moments.
BNB/USD 1-Day Chart on Binance (TradingView)
Opening Price: $33.3
Closing Price: $29.3
The weekly Gains: 12%
Weekly High/Low: $36.9/$27.1
Stellar [XLM]
Stellar [XLM] was one of the top performing cryptocurrencies which has currently slid down from the top the ten lists by Mcap. Moreover, it is also now testing support at the lower level.
Cryptocurrency regulations and lack of visible development and insight around IBM and stellar, its’ most coveted partnership, the coin continue to slide down with the bearish altcoin momentum.
XLM/USD 1-Day Chart on Binance (TradingView)
Opening Price: $0.106
Closing Price: $0.088
The weekly Loss: 16.9%
Weekly High/Low: $0.114/$0.083
Chain Link [LINK]
Chainlink is the best performing cryptocurrency since the past couple of weeks. While the altcoin traders have continued to lose confidence even in the most popular cryptocurrencies, chainlink [LINK] emerged as an exception.
It grew from $1.5 to trade just below $5; however, the FOMO soon stopped. Despite the losses in recent times, the cryptocurrency is currently looking to establish support around $3.
LINK/USD 1-Day Chart on Binance (TradingView)
Opening Price: $3.29
Closing Price: $2.94
The weekly Gains: 10.6%
Weekly High/Low: $3.89/$2.57
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 14th July 2019.
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Source: CoinGape