Mid and late May has seen the cryptocurrency market undergo the latest in a line of bearish markets carried over from January and march of this year. But with the ending of May and beginning of June, Major cryptos are challenging their upper resistance level in a push for a renewed bullish market.
Stellar hasn't been exempt from this; since January, it's seen its underlying value recede from its $0.91 high to $0.274 more recently. But it has the potential to rally to that level again this year.
Cryptocurrencies, like Stellar in early January, enjoyed an exceptional rally, spiking values dramatically before gradually sloping down. With the current attempts from cryptos to rally after May, a powerful breakout from Altcoins like Stellar may happen.
Stellar has also got a strong hitter on its team for affirming this upwards rally. IBM will be using the Stellar blockchain to ensure the success of its own token used to track carbon credits. This partnership will place XLM into the sights of global companies that also seek to capitalise on the blockchain field.
Especially those that are looking for a method of digitally tracking their carbon credits. Coincidentally, the majority of companies looking for this sort of innovation are the most adventurous when it comes to new opportunities for investment; they're Fortune 500 companies.
Currently, Stellar has 9 nodes available to process cross-border payments in its existing partnership with IBM. XLM plays a significant role in ensuring a reliable level of financial liquidity. This rapid transaction method is something that Fortune 500 companies are also looking out for, with XLM giving the most readily apparent example.
Stellars partnership with the Kin project has the potential to give a straight shot to a bullish rally. The Kin project is designed to be a hybrid solution, providing faster transaction rates and reduced fees for users. The success of the Kin project will open up the potential that other projects will favour using Stellar over counterparts like Ethereum.