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Stellar Becomes 6th Largest Cryptocurrency by Market Cap

We are seeing a resurgence of the world’s largest cryptocurrency, Bitcoin with a sense of vigor we saw back in its hay day. With the price at the time of writing at almost $7800 per Bitcoin unit, it seems well poised to break the $8000 mark soon. It is not good news for just Bitcoin however with Stellar performing well to see a surge of almost 30 percent in its value over the past seven days.
This move by Stellar, reputedly the younger brother of Ripple, see itself move past Litecoin as the 6th largest cryptocurrency in the world based on the market cap. Stellar now enjoys a solid place on the sixth spot among the cryptocurrencies with a market capitalization worth $5.4 billion which is comparatively much larger than Litecoin’s $4.8 billion.
There are no bitter feelings on behalf of Litecoin for Stellar as the creator of Litecoin took to twitter to congratulate Stellar on surpassing Litecoin’s market capitalization. That being said, he did continue to say that it does not make sense trying to compare the market caps of Litecoin and Stellar because of the inflated market cap of Stellar.
He believes that the metrics to decide the ranks of different cryptocurrencies is not exactly accurate. It does not reflect on decentralization nor how the market capitalization came about. He feels that cryptocurrencies of the likes of Ripple and Stellar should not even be categorized in the same rankings as mineable and proof of work cryptocurrencies like Bitcoin and Litecoin.
In the alternative rankings that Lee posted for the mineable proof of work cryptocurrencies, Bitcoin retains a top position, Ethereum comes in second, Bitcoin Cash comes in at third and according to the figures that he posted, Litecoin comes in at the fourth position.
Of course, the market capitalization metrics have always been a fickle thing in the world of cryptocurrencies. The rankings by Coinmarketcap.com is based on the same market capitalization metrics and not on any other factor by default.
When you look at the history of cryptocurrencies, there was one that shot up really fast among the rankings only to crash and burn after it was revealed to be little more than a pyramid scheme. We’re talking about Bitconnect Coin.
That being said, Stellar cannot be considered the same as Bitconnect Coin as it has been making major moves in recent times. The likes of receiving certification for its platform and for the native cryptocurrency units Lumens (XLM) from the Shariyah Review Bureau are proving that Stellar is definitely something that’s here to stay.

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