• Stellar (XLM) market has seen impressive growth in the past couple of weeks.
• XLM is accessible from up to 322,000 off-ramp locations.
• The victory of Ripple in its lawsuit with the SEC also contributed to a price jump for XLM.
Stellar Network’s Impressive Growth
The Stellar (XLM) market has seen impressive growth in the last couple of weeks amidst a growing price fluctuation amongst other altcoins and Bitcoin (BTC). At the time of writing, XLM was trading at $0.1611, up by more than 10 percent within 24 hours and driven by an outstanding surge in daily trading volume which currently stands at around $581 million. This increase in trading volume has led to a rise in its market capitalization reaching $4.4 billion and Total Value Locked (TVL) increasing exponentially YTD to about $30.5 million.
Reasons for Growth
There has been a growing demand and an accompanying adoption of Stellar amongst institutional and retail traders due to its accessibility and features that push it up in terms of price growth compared to its peers. Additionally, smart contracts have triggered the growth curve of Stellar blockchain upwards as it attracts DeFi developers who seek a uniquely scalable protocol. Furthermore, Ripple’s victory over the US Securities & Exchange Commission (SEC) regarding XRP sales as unregistered securities contributed to XLM’s positive momentum competing for the same market share as XRP.
Stellar Network Expansion
Generally speaking, Stellar has one of the most prolific payment networks focused on promoting financial inclusion mainly in areas where residents lack access to digital payments which is why it is ranked as the top blockchain for off-ramp locations by asset with USD Coin (USDC) stablecoin being accessible from up to 322,000 off-ramp locations according to its official Twitter account (#RampUpWithStellar).
Conclusion
Overall, Stellar network leads total off-ramp locations by asset with impressive growth driven by factors such as increased use of smart contracts, accessibility features and Ripple’s legal battle against SEC which further contributed positively towards its price momentum competing for the same market share with XRP token.
References
Twitter Account – #RampUpWithStellar
