Stellar (XLM) has overtaken Bitcoin Cash (BCH) in the market capitalization rankings as a new buying momentum pushed XLM up more than 13% in the last 24 hours. This increase occurred amid a weekly rally following a significant 'golden cross' on the XLM chart over the past weekend. Currently, Stellar (XLM) ranks 16th in market capitalization with a figure of $7.55 billion. Following closely is Near Protocol (NEAR) in 17th place with a capitalization of $6.66 billion, while Bitcoin Cash (BCH) holds the 18th position with a market valuation of $6.61 billion.
The rise of Stellar (XLM) began from a low of $0.172 on September 16, coinciding with a general market recovery and the launch of the Adapter update (Protocol 28) on the mainnet. The Adapter update, launched on September 16, brought enhancements including faster consensus operations even under load, atomic updates for contract fleets, and a more secure standard for migrating contract data.
The launch of the P28 mainnet also provided performance improvements for Stellar: closing the ledgers now takes about 5 seconds instead of the previous 5.7 seconds, and throughput has increased by 10-15% on the mainnet, with a peak of 216.1 TPS recorded over 100 consecutive blocks, while the number of instructions on some contract calls has halved. Meanwhile, Bitcoin Cash (BCH), which experienced significant growth earlier this week after CME Group announced the launch of Bitcoin Cash futures on October 19, has also retreated from its peak. Prior to the latest news, BCH rose from a low of $213 on September 16 to a high of $365 on September 23, before bears returned to the market. At the time of writing, BCH has fallen by 4.53% to $331.
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