This week, the cryptocurrency that goes by the name of “Stellar” and its symbol is “XLM” has risen to be on the top 10 largest cryptocurrencies by market cap and at its peak was #8. Bitcoin, the most powerful cryptocurrency to date and long standing #1 by market cap, seems to be in an ongoing decline over the last 14 days although it is not a downward spiral or bubble bursting, there is still a decline. Ethereum is doing well reaching new all time peaks and is now at $866.28, and Litecoin has also been breaking previous records and at this moments is worth $254.30. The previous 3 big coins Bitcoin, Ethereum and Litecoin seem to have a competitor in their midst, Stellar. At it’s current rate of growth Stellar will grow larger than the other 3 giants and it will not take long if it keeps growing at this rate, although no one can know if this will really happen, it is still worth keeping an eye on Stellar for the next few months to see if it does outgrow Bitcoin, Ethereum and Litecoin. We at DeepIntoBlockchain.com currently do not own any Stellar coins as of yet, but we might buy some on Friday it the trend continues.
The strongest cryptocurrency of the first week of 2018 is most definitely Stellar (XLM), and it has grown over %65 and is now #9 strongest crypto in the world today. With a market cap of $9,297,036,692, according to CoinMarketCap.com Stellar is a force to reckon with. Currently trading at $0.520, there are 17,877,129,002 XLM in supply right now. Stellar is not an Altcoin but a type of token that uses the same blockchain technology as Bitcoin. The big difference though between BTC and XLM is that Stellar transactions settle in 2 to 5 seconds which allows for much better scaling. Stellar tokens are also called lumens, or XLM.
Who Uses Stellar Lumens?
Today the trading volume for the past 24 hours stands at a whopping $707,826,000 worth of Lumens, this is a very large trading volume, more than X7 of NEM (XEM) which is currently right on top of Stellar at #8 in the top 10 ranks. This means that a lot of traders are currently buying and selling Lumens, also IBM is today using the XLM network for development of a money system with some large banks. Bitcoin trading volume in the past 24 hours is $15,589,600,000, around X 25 the volume of XLM. Not surprisingly the market cap of Bitcoin is also currently around X 25 more the market cap of Stellar.
Ripple and Stellar – The Connection
You may or may not already know this, but in case you didn’t know, here is a recap for you. Ripple, or XRP, which has risen %35,500 and is now #2 op the top 10 cryptos by market cap also focuses mainly on payments technology and is also working with some big players around the globe in South Korea and Japan, has the exact same founder as Stellar, his name is Jed McCaleb, and he also created Mt.Gox bitcoin exchange in 2010. He left Mt.Gox in 2011 and left Ripple in 2013 and today his main project is the Stellar payment system which uses Bitcoin Blockchain technology. It seems that McCaleb has learned a thing or two from his past achievements and failures and is now ready to reach his new goal of riding another cryptocurrency to the moon and beyond. Being able to say that you are responsible for 2 of the current top 10 cryptos is surely a great achievement. But will Stellar get even bigger than it is now? Only time will tell!