- Stellar's native coin, XLM, has experienced a significant rally, with a 10% surge and a peak price of $0.196 on July 13, making it the best-performing cryptocurrency among the top 100, according to CoinMarketCap data.
- The positive crossing of the daily moving averages MA 50 and 200, known as the "golden cross," suggests a potential continuation of this upward trend, with a break past the $0.20 level possibly signalling a fresh uptrend.
- Stellar is leading the tokenization of assets in treasuries and digital funds, with over $300 million in tokenized digital funds issued on its blockchain by Franklin Templeton and WisdomTree.
- Stellar has made significant strides in cross-border transactions and traditional finance integration, with Bitso integrating Stellar’s Anchor Network and the Stellar network hosting the U.S.-registered Franklin OnChain U.S. Government Money Fund, which has over $270 million in assets under management.
In cryptocurrencies, Stellar's native coin, XLM, has been making notable strides. As of the latest update, the price of Stellar USD (XLM-USD) stands at $0.166223, marking an increase of 20.72%.
This comes after a series of fluctuations, with the coin's value oscillating within a day's range of $0.155399 to $0.179056.
The Stellar coin, which started in 2014, has seen its market cap grow to $4.519 billion, with a circulating supply of 27.19 billion.
The coin's trading volume over the last 24 hours has reached an impressive $1.04 billion, indicating a high level of activity and interest in this cryptocurrency.
These figures testify to Stellar's growing prominence in the crypto market, setting the stage for an in-depth discussion on the factors driving its recent rally and the notable developments on the Stellar blockchain.
For those new to this cryptocurrency, understanding the fundamentals of Stellar (XLM) can provide valuable context.
Probable Cause of Stellar’s (XLM) 10% Rally
The recent rally of Stellar's native coin, XLM, has been impressive, with the cryptocurrency experiencing a 10% surge. This uptick is part of a broader trend of growth for XLM, which saw a 104% increase on July 13, peaking at $0.196.
However, as is often the case in volatile markets, profit-taking began, the price retreated..
Despite this, XLM is on the rise again, a trend that commenced on July 18 when bulls confirmed support near the $0.125 mark.
According to data from CoinMarketCap, the top 100 cryptocurrencies, XLM is performing the best. It is surpassing XRP, which is currently ranked fourth in gains. This performance is a testament to the growing strength and potential of XLM.
One key technical indicator supporting this bullish trend is the positive crossing of the daily moving averages MA 50 and 200, known as the "golden cross." This is often seen as a bullish signal in technical analysis, suggesting that the upward trend may continue.
As we move forward, traders should keep a close eye on the continuation of this rally. A break past the $0.20 level could signal the start of a fresh uptrend for Stellar XLM, opening up new possibilities for investors and traders alike.
Notable Developments on Stellar Blockchain
Tokenization of Assets in Treasuries and Digital Funds
The Stellar blockchain has been at the forefront of several notable developments in the crypto space. According to Crypto News Flash, Stellar (XLM) is currently leading the charge in the tokenization of assets in treasuries and digital funds.
So far, over $300 million in tokenized digital funds have been issued on the Stellar blockchain by Franklin Templeton and WisdomTree, marking a significant milestone in integrating blockchain technology with traditional finance.
Expansion of Payments Corridor between Latin America and the Rest of the World
In another significant development, Bitso, a leading Latin American crypto exchange, has integrated Stellar’s Anchor Network. This integration aims to expand the payments corridor between Latin America and the rest of the world, further enhancing Stellar's role in facilitating cross-border transactions.
First public blockchain to host a U.S.-registered fund
Lastly, Stellar (XLM) has made history by becoming the first public blockchain to host a U.S.-registered fund. This was made possible through the integration of the Franklin OnChain U.S.
Government Money Fund (FOBXX), which has now surpassed $270 million in assets under management. This development, which can be read about in more detail at Kitco News, further underscores Stellar's growing influence in the intersection of blockchain and traditional finance.