Stellar (XLM) Outshines Altcoins With 17% Rally – Here’s Why

Stellar

Stellar (XLM) has recently experienced a remarkable surge, outshining various altcoins in the market. In a surprising turn of events, Stellar witnessed a staggering 17% increase in its value, giving investors and enthusiasts something to look forward to.

This surge comes as a breath of fresh air for the crypto community, which has been grappling with volatility and uncertainty in the last few weeks.

With a strong focus on scalability and accessibility, Stellar has garnered a loyal following among individuals and organizations seeking efficient and inclusive financial solutions.

XLM up 17% in the weekly timeframe. Source: Coingecko

But what factors have contributed to this remarkable growth?

Market Momentum, Technological Advancements Fuel Stellar’s Rise

The recent surge over the past seven days is not only a testament to the altcoin’s individual strength but also reflective of the broader market’s positive momentum.

One contributing factor to Stellar’s surge is the continuous stream of robust upgrades and advancements being made by its developers. Stellar’s blockchain technology, known for its speed and scalability, has been steadily improving, solidifying its position as a reliable and efficient payment protocol. 

XLAM market cap currently at $2.7 billion. Chart: TradingView.com

According to a post on Twitter by Timer Weller, a core developer of the Stellar protocol, developers now have the opportunity to utilize the recently introduced overlay protocol. This protocol brings about substantial scalability improvements for Stellar and enables efficient invocations of Soroban smart contracts.

XLM’s current price on CoinGecko is standing at $0.100996. Despite a minor 1.0% slump over the past 24 hours, the altcoin has experienced an impressive surge of 16.9% in the past seven days.

Stellar Scalability Upgrades Open Doors For Expansion 

The introduction of the new overlay protocol in the Stellar ecosystem, as highlighted by Weller marks a significant milestone for the blockchain platform. With this protocol in place, Stellar can now achieve a higher level of scalability, unlocking new possibilities for expansion and improved smart contract functionality.

XLM price ascent in the last seven days. Source: CoinMarketCap

Scalability has long been a crucial challenge for many blockchain networks, hindering their ability to handle a large volume of transactions swiftly and efficiently. However, with the implementation of the overlay protocol, Stellar aims to overcome this hurdle and provide a scalable infrastructure that can meet the demands of a growing user base. 

By optimizing the underlying architecture, Stellar enhances its capacity to process transactions at a faster rate while maintaining the security and reliability that the network is known for.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Robert Fesen

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