Stellar (XLM) is defying the bear market, registering a rise of almost 10% in the last week.
At the time of writing, the price of XLM, the native cryptocurrency of the Stellar network, is up 9,8% weekly, surpassing $0,13 per unit.
The price of XLM is being driven by expectations of new upgrades and partnerships in the Stellar ecosystem. The network’s developers have suggested that new developments and collaborations are on the way that will help strengthen and modernize the network.
Although most cryptocurrencies in the market have been dyed red alongside Bitcoin in the last 7 days, the price of XLM has remained on the rise.
Source: CoinMarketCap
XLM’s current market cap is $3.640 billion, making it the 19th most valuable cryptocurrency in the crypto industry.
On the other hand, the increase in XLM's price this week has sparked the interest of investors. According to data from the CoinMarketCap platform, the trading volume with XLM exceeds $150 million, registering an increase of 16,5% compared to the trading volume of the previous day.
CoinMarketCap analysts also they pointed out that XLM's rise above the 20-day Exponential Moving Average, or EMA, could be considered as a bullish action for the cryptocurrency.
What drives the price of XLM?
Stellar developers have been making a series of posts on social media platform X (formerly Twitter) suggesting that major new developments are on the way for the blockchain network.
Through a countdown, Stellar developers have sparked great interest in the crypto community, keeping their users on the lookout for new changes. Last Thursday, September 7, the developers indicated that there were only 5 days left for an important announcement. “We are bringing Stellar to the real world in 5 days,” they said on the social network.
Although Stellar developers have not provided further details on the matter, the crypto community has begun to speculate about what lies ahead for this blockchain ecosystem.
Some users suggest This important announcement could be related to Apple, which has also announced a valuable news item that will be released next Tuesday, September 12, coinciding with the date given by the Stellar development team. Users also believe that XLM could be integrated with Elon Musk's social network, which has already received approval for several money transmitter licenses to offer financial services.
In addition to this, in the middle of last month, the foundation that supports the development of Stellar, the Stellar Development Foundation, announced that it has become an investor in the payment service provider MoneyGram International, with the aim of facilitating access to digital assets for MoneyGram users and encouraging the platform to explore blockchain technology.
What is Stellar?
Stellar is an open-source blockchain protocol designed to facilitate high-speed transactions. This protocol presents itself as an innovative network for storing and moving money globally and without limitations.
On its website, Stellar states that users can manage digital representations of all forms of money, including cryptocurrencies and fiat currencies.
Stellar's goal is to transform the financial industry by connecting all the world's financial systems so they can work together on a single network.
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