The Stellar development foundation has been selected by the Monetary Authority of Singapore to develop and showcase its Central Bank Digital Currency solutions. According to crypto analyst Ekta Mourya, Stellar’s move to altcoin NFTs via Livemint is likely to fuel the bullish reversal narrative. For details of the news cryptocoin.com keep reading.
Analysts expect altcoin project to make a comeback
The decentralized protocol Stellar finds its utility as a cross-border payment solution. XLM, the native cryptocurrency of the blockchain network, therefore competes with global giants like Ripple’s XRP. Fans criticize the altcoin project for not taking advantage of the latest crypto trends.
The Ethereum ecosystem pioneered digital art and collectibles through CryptoPunks, one of their earliest projects with 10,000 pixels and a unique face collection. Since then, NFTs have evolved over several layer 2 scaling solutions and Blockchain networks. Stellar has recently joined the non-Fungible token trend with the launch of Litemint, a digital collectible and NFT marketplace. He made the following announcement on Twitter:
It’s really exciting to see more artists and creators worldwide taking advantage of Stellar’s low fees to join the emerging creative economies! Congratulations on LitemintHQ providing a platform that everyone can access!
Livemint offers relatively low-cost mintage and the process only takes a few seconds. According to analyst Ekta Mourya, the relatively low investment and time will encourage creators to join Litemint and in turn increase demand for Stellar Network’s altcoin XLM.
Famous crypto trader predicts 30% climb in XLM/BTC pair
The Stellar Development Foundation (SDF), a nonprofit that supports the growth of Stellar, was recently selected by the Monetary Authority of Singapore (MAS) to create and showcase Central Bank Digital Currency (CBDC) solutions. This is considered a bullish development for the altcoin.
Interestingly, Stellar Blockchain has been featured in top projects based on average daily development activities on Github alongside Cardano, Chainlink, and other altcoin projects. Ekta Mourya says updates to Stellar’s ecosystem are likely to have triggered a bullish outlook among traders and NFT holders. Cryptocurrency trader and analyst Pentosh1, using the pseudonym, predicts a 30% uptrend for the XLM/BTC pair:
Double dip and IHS forming. I think this is fine for a roughly 30% switch to 10xx. The volume was also built. The USD pair is also shown. Many altcoins look good like this
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