The price of Stellar Lumen (XLM) has increased 120% in the last seven days after upgrading from Protocol 15 earlier this week
Stellar Lumen has been one of the top performing digital currencies for the past week. The price of Stellar Lumen has increased nearly 8% in the last 24 hours and 120% in the last week. This makes Stellar Lumen the best performer among the leading cryptocurrencies.
XLM was trading at $ 0.08 per coin last week. However, it has risen sharply since then, hitting the $ 0.2 mark before falling earlier today and now trading at $ 0.18 per coin. This massive price increase means an increase in value of 120% in one week. With that, it outperformed all other major cryptocurrencies, including XRP, which posted 115% growth over the past week.
This week’s rally marks the first time since September that XLM has hit the $ 0.2 mark. The XLM price campaign followed an announcement by the project developers earlier this week. The project developers announced that a new version of the Stellar protocol for public networks has been approved and implemented by the validators.
The validators implemented the new Protocol 15 upgrade on November 23rd and introduced two new features. According to the blog post, the two new features Claimable Balances and Sponsored Reserves make it easier to create user-friendly apps on Stellar. The team announced that they saw the two features in action during the testnet phase and are excited to see how developers on the Stellar network would work with them.
The features also protect the network from “farm attacks” and other methods that hackers could use to attack the blockchain.
Stellar has been one of the sub-par cryptocurrencies among major coins for over a year. The XLM price has been subdued, although Bitcoin and other major cryptocurrencies have risen in recent weeks. However, XLM came alive on November 21st as trading volume began to accumulate. XLM has since more than doubled in value and tops the top 100 coins by market cap for weekly earnings.
XRP and XLM set the market trend
XRP and XLM were the standout cryptocurrencies this week. It’s exciting because XLM was originally forked out of XRP by Jed McCaleb and introduced in July 2014. Stellar Lumen performs a similar function to XRP in that it tries to lower the cost of cross-border payments using blockchain. Both cryptocurrencies have gained more than 100% in value in the past week, outperforming Bitcoin, Ethereum, Litecoin, Bitcoin Cash and all other major cryptocurrencies.