• Stellar (XLM) has seen bearish price movement for the past few days, falling from $0.076 to $0.0708 – a drop of 7%.
• The price of Stellar (XLM) has fallen by 30% since the collapse of FTX.
• Stellar enables real-time transactions to occur anywhere in the world in as little as five seconds, and a new smart contracts platform called Soroban has released its second preview.
The global cryptocurrency market is still struggling to recover, and this has had a significant impact on the performance of Stellar (XLM). The digital asset has fallen from $0.076 to $0.0708 over the past seven days, representing a decrease of 7%. Additionally, the price of Stellar (XLM) has dropped by 30% since the collapse of cryptocurrency exchange FTX.
Stellar (XLM) is a decentralized digital asset that enables real-time transactions to occur anywhere in the world in as little as five seconds. It is designed to have a smaller carbon footprint than other digital assets, as its authentication cycle is fast, keeping energy use to a minimum. The digital asset also serves as a decentralized currency exchange, allowing users to track all of their assets with an order book.
In order to further improve its platform, Stellar has recently released its second preview of a new smart contracts platform called Soroban. The upgrade is intended to increase platform developer friendliness, scalability, and sensibility. Additionally, Ethereum recently transitioned from the proof-of-work (PoW) to the proof-of-stake (PoS) consensus mechanism following the Merge. This step is intended to make cryptocurrencies more eco-friendly, and Stellar is well-positioned to benefit from this trend.
Overall, while Stellar (XLM) has seen bearish price movement for the past few days, the digital asset could benefit from recent upgrades and the overall shift towards eco-friendly cryptocurrencies. With a smaller carbon footprint and fast authentication cycle, Stellar has the potential to become a major player in the global cryptocurrency market.