The cryptocurrency landscape appears to be in a phase of consolidation, with some tokens potentially facing a downturn. Yet, amidst this backdrop, Stellar’s XLM has been a standout, witnessing a significant surge in its prices. This uptick followed a Twitter announcement hinting at an upcoming development related to XLM. Is it a good time to buy XLM in anticipation of a higher Stellar XLM price?
XLM Price UP…But Other Cryptos NOT?
Stellar’s native token, XLM, has seen an impressive 5% rise in its price in the last day, contrasting the wider cryptocurrency market that appears to be largely static. This significant upswing has positioned XLM’s value at a weekly pinnacle of $0.125, marking a near 5% increase over the week. As of now, with a market cap of $3.4 billion, XLM stands as the 20th largest cryptocurrency globally.
This uptrend in XLM’s value comes after a cryptic Twitter/X post hinting at an exciting development set to be unveiled in 10 days.
In contrast, Bitcoin (BTC) is hovering around the $25,830 price point, down from its previous $28,000 last week. Ethereum (ETH), another major player, is currently valued at approximately $1,630.
Stellar’s Mission: Efficient International Transactions
Stellar is acclaimed for its dedication to enhancing cross-border payments and fostering the creation of digital assets. Its primary objective is to present efficient, cost-effective transaction methods for both financial institutions and individual users.
In pursuit of this vision, Stellar has forged key collaborations, notably with stablecoin creator Circle and remittance service provider MoneyGram International. Notably, as of August, Stellar Foundation has even secured a minority investment position in MoneyGram.
Joining the Bytecode Alliance for Enhanced Accessibility
Furthering its commitment to expand user accessibility, last month saw Stellar’s overseeing organization announce its membership in the Bytecode Alliance. This alliance is a collective championing the advancement of WebAssembly (Wasm) – a technology designed for developers to craft high-speed applications that function seamlessly in browsers.
Esteemed tech giants such as Mozilla, Fastly, Red Hat, and Intel form the backbone of the Bytecode Alliance.
As early as April 2022, Stellar had shared its plans to transition to Wasm, praising its stellar environment for smart contracts and its potential in fostering a secure, scalable system emphasizing equal access.