The Stellar Lumen XLM has experienced a bull run in the past 7 days and it eventually broke the $0.2200 price range on October 17th. As such, analysts are comparing this development to XRP’s recent price surge.
According to Coingecko, XLM has experienced a 15.7 percent price surge in the last seven days. Its price almost hit the $0.2500 price mark. As at press time, it is selling for $0.240221 which is a 1.66 percent 24 hours decline. Stellar lumen XLM which is currently the sixth largest coin by market cap is focusing on partnering with high-profile firms. This will theoretically contribute to the mass adoption of its payment and transfer optimizing technology.
Therefore, the Lightyear Corp, which runs the Stellar network acquired the Chain Inc. and rebranded it to Interstellar. The new platform will allow firms and organization access the Stellar network. In addition, there are speculations that Fidelity could adopt XLM on their various platforms. Apparently, the head of corporate business at fidelity, Tom Jessop was formerly the head of Chain Inc. This is probably the major factor fueling the Fidelity’s XLM adoption speculations.
Another major factor that could have contributed to XLM’s price surge is the announcement that Coinsuper will be listing XLM. Many in the crypto space believe that the XLM’s price surge is strongly linked to its listing on Coinsuper’s exchange platform.
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Upcoming Updates in the Stellar Network
The Stellar development team is working on various projects that will optimize the functionalities of the Stellar network. One of the major updates is the introduction of state channels. With this mechanism, users can perform transactions without necessarily utilizing the Stellar blockchain.
In addition, the development team is planning on launching a beta version of its lightning network. The team introduced the lightning network to resolve the scalability issue of the Stellar blockchain. As such, the project will effectively increase the volume of transactions the Stellar network can process. As a result, the development team is fast-tracking the implementation of the lightning network, and it has revealed that it would launch the update by December 1st.
Stellar Versus Ripple
Ripple XRP which is the third largest cryptocurrency by market cap is also experiencing a bull run as it has recorded a 13 percent surge in price in 7 days. Therefore, analysts have compared the two cryptos since they both look to offer financial institutions a scalable ledger system. However, some argue that Stellar has an edge over ripple since its services extend to decentralized apps (DApps) and Initial coin offerings (ICOs).
