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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.
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.
.@StellarOrg USDC continues to gain traction as a fast, low cost Layer 1 for digital dollar payments around the world. https://t.co/T6BeEREZdj
— Jeremy Allaire (@jerallaire) July 19, 2023
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.
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.
Tomiwabold Olajide
Mushumir Butt
Arman Shirinyan
