As of the time of writing, XLM, the native token of the Stellar Lumens blockchain, has experienced a remarkable increase, becoming the best-performing altcoin among the top 20 cryptocurrencies by market capitalization. According to data from CoinGecko, XLM has surged by over 24% in the last 24 hours, currently trading at $0.17. The token’s short-term outlook suggests a possible swift move towards testing the $0.2 price level.
XLM surges by 24% following the bullish trend, ahead of other altcoin
This surge in XLM’s value follows a bullish trend in the cryptocurrency market, particularly after the long-standing lawsuit involving XRP reached a favourable resolution for XRP and its holders. As XRP led the bullish rally, Stellar Lumens (XLM) also benefitted from the positive sentiment, reaching highs of $0.19 last week.
Despite XRP’s significant price increase beyond pre-lawsuit levels, XLM has now outperformed the rest of the top 20 digital tokens, exhibiting notable growth and market performance.
At the time of writing, XRP is trading at $0.83, showing a relatively modest 5% price upsurge in the last 24 hours, as reported by CoinGecko. In contrast, XLM experienced a substantial surge, rising from lows of $0.136 to reach an intraday peak of $0.176 on the same day.
What fuels the bullish trend of the XLM token
The bullish momentum for XLM has been fueled by various factors, including positive developments within the Stellar ecosystem. On Tuesday, July 19, Bitso, a prominent cryptocurrency exchange in the Latin American region, announced a strategic partnership with the Stellar Development Foundation (SDF). This partnership aims to bolster international payments, particularly across Latin American countries, starting with Mexico, Colombia, and Argentina.
As part of this collaboration, Bitso will integrate Stellar’s Anchor Network, a system that facilitates cross-border transactions with stablecoins. Specifically, Bitso plans to enable companies from around the world to make USDC (USD Coin) payments seamlessly across Latin America, leveraging Stellar’s efficient and scalable blockchain technology.
This partnership is expected to provide significant benefits to businesses and users in the region, as it streamlines cross-border payment processes and enhances financial accessibility for businesses operating across Latin America.
The surge in XLM’s value and its position as the best-performing altcoin among the top 20 cryptocurrencies signal renewed interest and confidence in the Stellar Lumens ecosystem. With the positive developments and partnerships, XLM continues to gain traction in the crypto market and remains a focal point for investors and enthusiasts alike. As the cryptocurrency landscape evolves, all eyes will be on Stellar Lumens to see how it further capitalizes on its current momentum and contributes to the broader adoption of blockchain technology in the global financial ecosystem.