Lumen price leaps on Stellar success story

July 18, 2018
Chris Wheal

Bitcoin and its rival cryptocurrencies moved higher again on Wednesday, taking its run of gains to five-straight sessions, however, the best performance came from Stellar’s lumen.

Stellar’s lumen cryptocurrency soars after string of positive newsThe lumen has gained around 50% over the past seven days thanks to string of events that investors have viewed in a positive light – not least Coinbase exchange’s intention to list the lumen in the coming months.

Exchange listings

Coinbase, based in San Francisco, is the world’s eighth-biggest cryptocurrency exchange by average daily trading volume and its listing of the lumen would be a big boost for the digital coin.

Meanwhile, on Monday, Hong Kong-based KuCoin exchange said it had listed Stellar’s lumen to trade against bitcoin and ethereum.

Stellar also made the news on this week for being the blockchain network of choice to run new stablecoin project Stronghold, which on Tuesday announced tech giant IBM was on board to provide access to its business networks.

And finally for this week, Stellar announced it had gained access to the potentially lucrative Islamic finance market with the approval by Bahrain’s Shariyah Review Bureau for a sharia-compliant certificate.

All of this positive news for the Stellar network and its lumen cryptocurrency has boosted the value of the token massively – up 18% on Wednesday alone, up 50.5% over the past seven trading sessions.

Bitcoin vs ethereum

Bitcoin, meanwhile, topped the $7,500 mark for the first time in more than five weeks on Wednesday – reaching $7,544, a high not seen since 9 June.

Ethereum was among the worst performers – comparatively – after hedge fund Tetras Capital made a bearish call on the digital currency, instead favouring bitcoin for its greater upside potential.

Price round-up

Here’s a round-up of the price movements of the top 10 cryptocurrenies by market capitalisation, as of 11am on Wednesday [London time] – seven-day moves in brackets:

  • Bitcoin gained 9.2% to $7,391 (+15.5%)
  • Ethereum was up 4.9% to $498 (+13.6%)
  • Ripple climbed 7.3% to $0.51 (+13.7%)
  • Bitcoin cash added 8.3% to $862.82 (+23.5%)
  • Eos rose 10.5% to $8.85 (+25%)
  • Stellar lumen gained 18.5% to $0.29 (+50.5%)
  • Litecoin moved 8.6% higher to $91.28 (+17.2%)
  • Cardano added 14.2% to $0.18 (+35.3%)
  • Iota moved 5% higher to $1.12 (+15.4%)
  • Tether was flat at $1 (-0.4%)
Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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