The goal of Stellar Lumens was to assist customers break free from the restrictions of international transactions, including lengthy transaction times and pricey fees. The creators of Stellar Lumens wanted to provide a quick and cheap way to send and receive money across countries. It’s worth noting, however, that the cryptocurrency was built on the Stellar network in order to function within its system.
XLM/USD isn’t a volatile market. In 2017 and 2018, the pair rose to an all-time high of $0.9381 on January 4, 2018. Its value dropped quickly similar to other cryptocurrencies, and the downtrend persisted until the beginning of 2019. In 2019, the cryptocurrency stayed stagnant for the most part. 2020 altered this situation dramatically. The long-term rise in XLM/USD was highlighted at the end of 2020.
On February 2021, the price rose above $0.35 for the first time. However, the bulls’ momentum was lost, and the price fell. On January 17 2021, the XLM/USD pair established a new ascending trend. Will bull traders have enough power to propel XLM past its previous high near $0.35? With so many various types of cryptocurrency accessible, will it be able to endure? What events might influence Stellar Lumens’ price in coming months? Should you invest in Stellar Lumens? Continue reading to learn what are the most realistic predictions!
Overview of Stellar (XLM)
Stellar is a peer-to-peer, decentralized exchange. The currency used on the platform is Lumen (XLM). Stellar was launched in 2014, and since then, Lumen has risen to become one of the top 20 most valuable cryptocurrencies, according to September 2020 rankings.
XLM’s creators dedicated the mission statement to making financial services accessible worldwide via Internet access and simple hardware after realising that many people in various parts of the world don’t have easy access to finance – and, frequently, service fees are prohibitively high.
The current value of 1 XLM is $0.260908 (as of January 16, 2021, on CoinGecko). In early 2018, the value of XLM skyrocketed to $0.8755, only to plummet rapidly afterward. The increase was brief, and the value soon returned to normal and remained relatively steady throughout 2020. Although the figures do not compare to what it was worth in 2018-2019, they are still far more valuable than during its early years of existence.
Advantages of XLM
XLM is not only faster but also more secure than Bitcoin, Ethereum and other cryptocurrencies that require miners. The settlement of the transaction takes around 3-5 seconds on average, even for large sums. This means it’s far quicker to transfer money from one place to somewhere else in the world.
XLM transfers are very inexpensive, making them a viable alternative to other methods of money transfer when compared to the competition.
With some currencies, finding a functional currency pair might be tough. When you use XLM, the sender’s
Beginners will find it simple to get started because everything they need is accessible through the internet, even if you have no prior experience with adding new users.
Disadvantages of XLM
There is no mining – Unlike BTC, XLM cannot be mined since it doesn’t use Proof-of-Work.
BTC isn’t widely accepted as a payment option – You may now use BTC to pay for a variety of products and services. Despite this, XLM is not as popular among merchants.