Join Our Telegram channel to stay up to date on breaking news coverage
Despite rapidly losing momentum in the crypto market, the Stellar (XLM) coin maintained its recent upward trend and remained strongly bid at the $0.1165 level. Stellar (XLM), a fork of the Ripple (XRP) coin, saw its price rise the previous day and gained ground versus Bitcoin (BTC) and Ethereum (ETH).
Following a modest pullback to the 20 Exponential Moving Average (EMA) line, the price of XLM has risen dramatically in the previous two daily candles. However, its upward trend could be attributed to the Stellar team’s goal of focusing on three critical building elements: improving network scalability and innovation, encouraging greater network engagement and fostering diversity and inclusion.
Stellar Protocol 19 was upgraded in June 2022, adding payment and critical recovery channels. Stellar is also working on Project Jump Cannon, which aims to provide smart contracts with a dependable execution environment. As a result, such advancements and innovations would almost certainly increase Stellar’s user credibility.
In contrast, the bearish crypto market, fueled by constant interest rate hikes, was viewed as one of the primary factors limiting Stellar coin gains. Meanwhile, the US dollar’s strength limited the gains.
Stellar (XLM) Price Review & Tokenomics
Stellar’s current price is $0.116611, with a 24-hour trading volume of $172,605,916. In the last 24 hours, Stellar has dropped 1.58%. CoinMarketCap now ranks #25 with a live market cap of $2,969,151,293 USD. There are 25,462,021,207 XLM coins in circulation, with a maximum supply of 50,001,806,812 XLM coins.
Network Progress
Stellar, as we all know, is a decentralized blockchain technology platform to facilitate cross-border money transfers. Lumens (XLM), its native cryptocurrency, is the financial system’s foundation. Stellar caters to individuals rather than institutions because it allows for the transfer of small sums.
Stellar is well-liked by customers due to its straightforward and user-friendly interface. It is also extremely fast, with cross-border transactions completed in as little as 5 seconds. It, like all blockchains, is decentralized, and no single entity has complete control over the network.
The Stellar team intends to focus on three critical building elements at that time: increasing network scalability and innovation, encouraging more network involvement, and fostering diversity and inclusion. It’s worth noting that Stellar’s Protocol 19 was recently upgraded in June 2022, adding payment channels and critical recovery channels.
Stellar is also working on Project Jump Cannon, which aims to provide smart contracts with a stable execution environment. This year, however, many cryptocurrency exchanges, including WhiteBIT, CoinMe, and Mercado Bitcoin, allowed USD-backed stablecoin transactions, expanding access to USDC on Stellar.
Stellar Collaborate with Global Financial Institutions
Stellar has made significant contributions to global financial inclusion. It focuses specifically on improving microfinance management. Alongside, It has worked with financial institutions like FinClusive to facilitate and streamline financial transactions through banking networks. Furthermore, it works with several financial institutions worldwide to shape the future of a cryptocurrency-friendly financial system.
Any financial institution can connect to Stellar to avoid the burden of developing its payment gateway. This feature enhances the procedure’s creativity and specialized nature. Furthermore, the costs for both platforms and consumers are low, making Stellar a popular choice among many large financial institutions. This integration brings together these global players so that interoperability and communication across heterogeneous systems become natural and simple.
As a result, these developments and innovations increase user trust in Stellar.
Eco-friendly Crypto
XLM is one of the most eco-friendly cryptocurrencies. Its consensus methodology is faster than PoS and PoW, making it a popular choice among many investors. Stellar’s key characteristics, such as strategic collaborations and simplicity, make XLM one of the most trustworthy crypto investments.
The most influential aspect of XLM’s future will be its expansion as a payment network.
Bearish Crypto Market & Stronger US Dollar
Since the start of the week, the cryptocurrency market has been flashing red and is still trading erratically, owing to weak global stocks and recession fears in key countries such as the United States and Europe.
The US Federal Reserve’s aggressive inflation-fighting strategy lowered sentiment even further. This occurred after the Fed raised interest rates by 75 basis points. Wall Street and European equities fell sharply last week as oil prices fell and bond yields rose to multiyear highs.
Meanwhile, the US dollar has surpassed the 111 level in relation to a basket of currencies, making cryptocurrencies vulnerable to the greenback. The volume of cryptocurrency trades is currently plummeting. However, the global crypto market volume has dropped 37% in the last 24 hours to $49.82 billion. As a result, declines in the cryptocurrency market were viewed as one of the key factors limiting further gains in Stellar prices.
Related
Join Our Telegram channel to stay up to date on breaking news coverage
