Stellar Soars 8% Overtaking Bitcoin’s Performance, What Prompted The Boom?
October 13 2021 - 8:59PM
NEWSBTC
Up 10% in the daily and 36.3% in the 2 week chart, at the time of
writing, Stellar Lumens (XLM) has been one of the best performing
assets in the crypto top 30 by market cap. The cryptocurrency has
managed to outperform Bitcoin, Ethereum, and other major coins in
the top 10. Stellar technical indicators have quickly moved into
the buying zone with the simple moving average (SMA) and
exponential moving average (EMA) crossing the $0,32 mark. Related
Reading | Stellar Development Foundation Takes Part In Abra
$55 Million Series C Funding The Relative Strength Index (RSI)
remains neutral with a 61.5 value, but the Moving Average
Convergence Divergence, a metric used to measure price momentum in
an asset, is flashing a buy signal. XLM trending to the upside
coincides with exponential growth in its ecosystem. As summarized
by the Stellar Development Foundation (SDF), the network made
significant developments in Q3, 2021. In addition, it managed to
secure important partnerships such as the one with payment giant
MoneyGram. This will allow users to connect their wallets with the
company’s global retail platform. Thus, consumers will be able to
leverage cash funding and payouts in USD Coin (USDC) with Stellar
potential to instantly settle a transaction. In that sense, the
network has expanded its main use case and its capacity to onboard
millions of new users into its network. Related Reading | Stellar
Network To Power New Savings API Launched By Wyre At the time, the
CEO and Executive Director for the SDF Denelle Dixon called the
partnership a demonstration of the power of blockchain technology
to improve the legacy financial system. Dixon added: Thanks to the
reach of MoneyGram’s services and the speed and low cost of
transactions on Stellar, a new segment of cash users will be able
to convert their cash into and out of USDC, giving them access to
fast and affordable digital asset services that may have previously
been out of reach. Stellar Growths To Fulfill Its Original Vision
In addition to the MoneyGram partnership, the SDF released a
Whitepaper describing how Stellar was designed to facilitate the
deployment of Central Bank Digital Currencies (CBDCs). The SDF
claims that the network has unique characteristics which allow it
to support these assets and how a central bank can issue implement
it on Stellar. With the development of the digital Yuan and its
fast progress, CBDCs are climbing the priorities of international
governments. The network could support the CBDCs of the European
Union, of developing countries in Africa, and others in the future.
In addition, as NewsBTC reported, the network will soon vote to
implement Protocol which will grant it Automated Market Makers
(AMMs) functionality. The SDF claimed: This AMM development process
to-date has been a shining example of how our entire ecosystem can
work together, anchored around Stellar’s guiding open source
principles, to further Stellar network development and sets a new
bar on our collective collaboration. The ecosystem has experienced
other important developments and its use cases from cross-border
payments to its energy efficiency to a recently announced
initiative to accelerate blockchain education. Related Reading
| Stellar To Introduce AMM Functionality, What This Means For
Its Ecosystem In many sectors, XLM seems to be moving ahead of the
curve and it has reflected on its price action suggesting a strong
potential for a sustained rally into Q4, 2021.
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