Stellar has seemingly garnered a lot of attention after its OKEx listing and its evidence from the ‘stellar price surge’ we have seen.
Stellar price surged by an impressive 33 per cent on listing indicating that Jed McCaleb has something very good going on for him and the crypto. McCaleb is known for his former project ripple that is currently having the best time of its life.
Stellar is doing amazingly well with its price surging to a point that the crypto has managed to garner eighth spot in the market cap rankings with a total valuation of just over $10 billion. In the past week, the stellar price has more than doubled, from $0.22 on Dec. 26 to $0.56 on Jan. 2, and the rally was capped off by 33 percent leap on Tuesday.
Majority of trading for XLM is happening through BTC trading pairs, and volume is fairly evenly distributed between Binance, Bittrex, and Poloniex. The stellar price, likewise, is fairly steady across these exchanges, and the spread between BTC and USDT pairs is just two percent.
The stellar price rally appears to be tied to its recent addition to Hong Kong-based cryptocurrency exchange OKEx, which currently ranks as the fifth-highest volume exchange. OKEx announced it would list stellar on Dec. 28, and the price began to shoot up shortly after the XLM market opened the next day.
Aside from its addition to OKEx, stellar has also benefited from the recent announcement of a partnership with cryptocurrency payment processing service Pundi X that both increases access to XLM in Indonesia and could potentially lead to increased usage of stellar as a settlement tool for international trade involving the rupiah.