Stellar (XLM) has been revealed to have increased by as much as 36 percent. 3% of the total cryptocurrency market, where it receives considerable focus. This steep increase occurs after recent activities involving KuCoin and new listings in exchanges that are contributing to the growth and performance of Stellar.
Stellar (XLM): A brief Overview
(XLM) is an open-source, decentralized, community-driven, global payment network that was developed by Stellar Development Foundation in 2014 and was live since 2015. The platform is to integrate the global financial frameworks and to enable the rapid and inexpensive financial transactions. Stellar’s primary use is to have an effective payment system where individuals, banks, and other payment processors connect.
The native coin of the Stellar network is the XLM, or Lumens. XLM serves as an ICP to complete transactions and to pay for transactions’ fees. Otherwise known as a blockchain, it runs on a distributed ledger that makes international transactions fast, secure and cheap.
Recent Performance and Market Data
As of today, (XLM) is trading at $0.0986 with a 24-hour trading volume of $46,796,542. Despite a slight decline of 0.41% in the last 24 hours, Stellar’s recent performance has been robust. The cryptocurrency holds a market cap of $2.90 billion, ranking #27 on CoinMarketCap. The total circulating supply of XLM stands at approximately 29.45 billion, with a maximum supply capped at 50 billion coins.
Top Exchanges
- Binance
- Bybit
- BYDFi
- TruBit Pro Exchange
- DigiFinex
Key Developments Boosting Stellar’s Performance
- KuCoin and Stellar’s Surge: The surge in Stellar’s value is partly attributed to recent developments with the KuCoin exchange. KuCoin’s involvement has enhanced Stellar’s exposure and trading volume, contributing to its significant price increase.
- Exchange Listings: Stellar’s positive performance is also linked to new exchange listings, which have expanded its market reach. Notably, KangaMoon’s latest exchange listing with MEXC has generated substantial interest and visibility for Stellar and other projects in the crypto space.
- Increased Adoption and Use Cases: Stellar’s adoption continues to grow, particularly in developing countries where access to financial systems is limited. Its ability to facilitate cross-border transactions quickly and at low costs makes it a valuable asset for users in these regions.
Technical Analysis and Price Predictions
Stellar’s technical analysis reveals a robust upward trend. Despite recent minor declines, the overall trajectory remains positive, with a notable 36.3% surge. The current resistance level for Stellar is around $0.100, and breaking through this level could lead to further gains.
Price Prediction for August 13, 2024:
According to recent analysis, if Stellar can maintain its current momentum and break above the 21-day moving average, it could see continued upward movement. However, traders should be cautious of potential fluctuations and monitor market conditions closely.
Comparing Stellar (XLM) with Peers
- Ripple (XRP): While both Stellar and Ripple aim to enhance cross-border payments, Stellar focuses more on accessibility for individuals, whereas Ripple primarily targets institutional use.
- Algorand (ALGO) and Cardano (ADA): Stellar’s low transaction fees and speed provide a distinct advantage over these competitors, especially in cross-currency transactions.
Similar Coins to Stellar:
- XRP (Ripple): $0.5734, up 13.52% in 24 hours
- Algorand (ALGO): $0.1201, up 6.63%
- Cardano (ADA): $0.3386, up 2.52%
Security and Network Features
Stellar’s security measures include requiring XLM holders to maintain a minimum balance of one token to participate in network activities. This requirement helps protect the network from flood attacks and ensures efficient transaction processing. Additionally, Stellar’s consensus mechanism allows for transaction confirmations within 3-5 seconds, significantly faster than traditional banking systems.
Key Features of Stellar (XLM):
- Simplicity: Easy currency exchange and user access
- Decentralization: Open-source database controlled by the community
- Speed: Fast transaction confirmations and high throughput
- Low Costs: Minimal transaction fees and annual inflation rate of 1%
Future Outlook
The future of Stellar looks promising with ongoing partnerships and increased use cases. The Stellar Development Foundation continues to work on enhancing the network’s capabilities, including improving cross-currency transactions and expanding its global reach.
As Stellar (XLM) continues to evolve, it remains a strong player in the cryptocurrency market, offering significant benefits for users seeking efficient and cost-effective financial solutions. With its recent surge and growing adoption, Stellar is well-positioned to make further strides in the crypto space.