Stellar (XLM) Surged 50% In 7 Days – It Remains One Of The Best Performers
Stellar Lumens (XLM) was one of the best performers during the past week. It saw an increase of 20% in a single day and a rise of 50% over seven days.
Last week saw some really serious price actions, and the majority of cryptos have made notable increases.
The crypto market was marked by a bullish trend last week
The most significant one was Ripple’s rally last Friday, as the crypto managed to gain almost 100% of its value in a few hours.
XRP was also able to take Ethereum’s place as the second largest crypto in terms of market cap.
During the past week, Stellar also managed to achieve some pretty essential gains.
It’s now being traded at $0.266881 on CoinMarketCap.
New partnership to use Stellar’s public network
Earlier this month, a Stellar-focused commercial entity called Lightyear Corporation merged with another company that’s called Chain Inc. in order to form a brand new organization that’s called Interstellar.
This merger is going to increase the enterprise’s products and the customer base to the global public ledger of Stellar.
It is aimed at delivering a turn-key solution that enables various organizations to exchange, issue and manage assets on Stellar’s public network.
Jed McCaleb, co-founder of the Stellar Development Foundation and Lightyear, said:
“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols. […] We are thrilled to be joining forces to help organizations build on Stellar.”
XLM was added on Circle
The reason behind XLM’s surge might be the addition of the coin on the Circle’s platform which is the crypto infrastructure backed up by Goldman Sachs.
In a Circle blog post released a couple of days ago, the platform’s Head of Product and SVP, Divya Agarwalla, said that the Goldman Sachs-backed platform is going to list Stellar (XLM), 0x (ZRX), EOS (EOS) and QTUM (QTUM).
Jed McCaleb is the CTO of Steller, which is an open-source, protocol for digital currency to fiat money. Prior to co-founding Steller, McCaleb was also the founder of Mt.Gox exchange as well as serving as the CTO to Ripple and is also known for creating Magic: The Gathering Online Exchange, and the peer-to-peer eDonkey and Overnet networks.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.