The crypto market is on the rise, and it is not bitcoin that is currently driving its growth, but several altcoins. Among the leaders is Stellar (XLM), which is currently up 74.7% in a week, one of the most impressive weekly gains this year.
30 Day XLM Price Chart | Source: CoinGecko
The price increase comes as a result of a partial win in Ripple’s longstanding case with the SEC. XLM against this background shows impressive results. Based on price tracking platform data, XLM’s 30-day performance ended up 109.57%.
Also a factor that contributed to the success of Stellar is the rapidly growing spread of the Axelar Network in collaboration with the Stellar Protocol in the Latin American Region (LATAM). This partnership has greatly increased the usefulness and relevance of Stellar as a convenient and affordable payment model for a huge number of users.
Notably, XLM’s rise in popularity can also be attributed to its increased use as a USDC payment method on the Stellar network in Africa and Latin America. Stellar has seen significant adoption as the preferred payment method, especially in these regions. This widespread acceptance of Stellar as a means of transacting underscores the core mission of the protocol to bridge the financial divide and provide people with a convenient payment infrastructure.
Stellar has maintained its position as one of the first blockchain protocols specifically designed for payment services. However, over time, its usefulness has expanded significantly, diversifying its offerings for different industries and applications.
One of the key metrics highlighting Stellar’s impressive growth is a notable increase in trading volume. Currently, trading volume is up over 240% to an impressive $1 billion. This increased trading activity is a testament to the growing interest and trust in XLM as a smart investment choice in the broader digital currency market.
Despite the challenges that the cryptocurrency market has faced in the past, the resurgence of Stellar and other altcoins is indicative of a growing faith in the potential of blockchain technologies and cryptocurrencies. Stellar’s continued success demonstrates how innovative payment models can revolutionize the financial landscape and empower users around the world.
As the broader cryptocurrency ecosystem continues to evolve, Stellar remains at the forefront, demonstrating its ability to adapt and expand while solidifying its position as a pioneer in payments and blockchain technology. With the growing spread of the Axelar network in Latin America and the strong support of the XLM community, Stellar’s future looks promising.