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The cryptocurrency market is experiencing a resurgence with certain altcoins, including Stellar (XLM), making upward moves. Stellar’s native asset XLM has gained over 20% in the past 24 hours, steadily showing positive performance since the beginning of the week. So why is Stellar’s XLM rising? Let’s take a closer look.
The Rising Force Behind XLM’s Rise: Increased Adoption
The rise in Stellar’s XLM is a result of investors’ efforts to push the altcoin to new highs. XLM, which is in the same class as Ripple‘s XRP, had one of its best weekly rallies in year-to-date, surging by 74% last week.
The rise is supported by the increase in trading volume, which has risen by over 240% in the past 24 hours. While investor interest and buying pressure for XLM are among the main reasons for the rise, the growing adoption of Stellar protocol’s Axelar network in Latin America is also a significant contributing factor.
Data shows that the USD Coin (USDC) stablecoin, built on the Stellar network, has been widely adopted as a payment method in Africa and recently in Latin America. This adoption demonstrates that Stellar has achieved its core goal of providing a seamless payment model accessible to everyone, thereby bridging the financial divide.
Increasing Benefits from the Use of the Stellar Protocol
Stellar continues to be one of the first protocols launched specifically to serve payments. The benefits it provides, such as the use of the protocol, are diversifying and increasing.
According to data provided by the crypto data platform CoinMarketCap, the positive momentum in the protocol’s usage has led to a surge of over 100% in XLM last month. Market observers highlight Stellar’s successful performance against its strong competitor, XRP.
