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Stellar (XLM) up 23%, Here Are 2 Major Reasons Why

Thu, 07/20/2023 - 08:19
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Godfrey Benjamin
Stellar has sustained massive growth surge it picked up since start of week
Stellar (XLM) up 23%, Here Are 2 Major Reasons Why
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The broader digital currency ecosystem is seeing a return to a bullish trend, with specific altcoins, including Stellar (XLM), helping to push the rally to new pedestals. The Stellar payment protocol has been on a steady positive run since the start of the week, but today, it has added a massive 23% growth in overnight trading to peg its price at $0.1683.

The current growth momentum underscores the unrelenting efforts by Stellar buyers to push XLM to new highs. Over the past week, the crypto has soared as high as 74.38% in what can be classified as one of the best weekly rallies for Stellar since the start of the year.

XRP Victory Boosts Stellar (XLM) by 54%, More to Come

The key growth metrics are complimentary for this run as the trading volume is currently up by more than 240% to $1 billion. While the sustained interest in and buy-ups of XLM are key reasons for the ongoing price rally, the growing adoption of Stellar protocol's Axelar network in LATAM is also a major contributing factor.

According to earlier reports, the USDC resident on the Stellar network has been recording massive adoption as a payment method in Africa and, more recently, LATAM. This embrace underscores the core goal of Stellar, which is to bridge the financial gap by providing a seamless payment model that is easily accessible to everyone.

Utility driving bullish momentum

Stellar remains one of the first protocols launched to cater specifically to payments. Despite this, the protocol's utility has been growing immensely and diversifying its core offerings across the board.

Stellar Network Launches First US Mutual Fund on Public Blockchain: Details

The positive momentum in utility has contributed a very good upside for Stellar, whose price has also sustained 111% growth in the past month, per data from CoinMarketCap. Stellar's growth has been notably formidable in the face of core competitors, especially XRP.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.