Stellar price (XLM/USD) rises to six-week high on Wednesday

Upcoming ICO may have contributed to the cryptocurrency’s gains

Stellar price (XLM/USD) rises to six-week high on Wednesday

The Stellar price (XLM/USD) has hit a near six-week high, after resisting a trend that has seen major digital currencies posting losses in recent trading.

The eighth-largest cryptocurrency on the market posted significant gains in yesterday’s session, bucking a downtrend that affected most major digital coins. Having opened at $0.284, Stellar rose to an intraday high of $0.317, before eventually closing the session at $0.300.

The virtual coin resumed its advance in the early hours of today’s trading, rising to $0.320, its highest level since March 10. The cryptocurrency has pulled back slightly in more recent trading and its price is currently hovering around $0.315.

The rally may have been partly driven by excitement over an initial coin offering (ICO) scheduled to launch on the Stellar platform this Friday.

Stellar is aiming to establish itself as a major ICO platform and a worthy competitor to the dominant player in that space, Ethereum. As noted by Hacked, last year, Smartlands became the first ICO to launch on the Stellar blockchain, raising $1.75 million.

Since then, the company has managed to attract Kin, a token that was launched by Canadian social messaging app Kik. While the Kin ICO was launched on the Ethereum blockchain in September, the token is now hosted both on the Ethereum and Stellar blockchains, with the former being used for liquidity and the latter for transactions.

On Friday, Canadian cannabis company Nezly is set to become the latest business to launch a Stellar-backed token. The company has said that it is utilising the platform for “enhanced crypto security, speed and robust intelligence”.

In today’s trading, the Stellar price stood at $0.317, as of 10:41 BST. The digital coin has gained 6.6% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. Its total market capitalisation currently stands at $5.9 billion

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