Digital currency Stellar pressed higher today, extending its recent gains as markets continued to react to its positive news developments.
The cryptocurrency, which trades under the ticker XLM, rose to as much as $0.65 at roughly 11:39 UTC (6:39 a.m. EST) today, according to CoinMarketCap.
At this point, Stellar had risen 17.7% over the course of 24 hours, additional CoinMarketCap figures show.
This sharp, upward movement added to the digital asset’s recent gains, as the cryptocurrency rose more than 40% during the 48 hours ending at approximately 11:39 UTC today.
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Stellar has been benefiting from positive news lately.
On January 23, payments provider Stripe announced that it would stop supporting bitcoin transactions, citing the problems of rising fees and longer transaction times.
Further, Stripe revealed that it might add support for Stellar, depending on whether use of the network continues to expand.
Today, Stellar benefited from additional updates, as David Gobaud, co-founder and CEO of Mobius Network, announced that his company raised $39 million through an initial coin offering (ICO) that was held on the Stellar network, according to CoinDesk.
The token sale was highly successful, reaching its hard cap after two hours, Gobaud told CoinDesk. While many ICOs have taken place on Ethereum, he chose Stellar because of Ethereum’s scaling challenges.
Charles Hayter, co-founder and CEO of data provider CryptoCompare, commented on how these announcements affect cryptocurrency markets, stating that:
“All these have effects on price as they are tacit forms of endorsement.”
Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.
This article is reprinted from:https://www.forbes.com/sites/cbovaird/2018/01/25/stellar-climbs-close-to-20-as-positive-news-extends-gains/#4ba94a1ac051