Tag : XLM

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Stellar Becomes 6th Largest Cryptocurrency by Market Cap

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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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Stellar Lumens Get First US Dollar Anchor

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When it comes to major turning points for all the cryptocurrencies that are making it big right now from the likes of Bitcoin, Ethereum, Bitcoin Cash and Litecoin, the fact that they all had very easy access to exchange with fiat currencies is what they had as their biggest asset. This meant that anybody who wants to make an entry into investing in those digital assets had to only go to an exchange for cryptocurrencies and exchange their chosen fiat currency into the equivalent amount of the digital token in question. The likes of Coinbase saw to that being done smoothly. The thing is that such an option has not been available for a lot of the other digital assets and they would only dream of this. When it comes to the Stellar ecosystem and their Lumens tokens, this dream is now an inevitability due to Stronghold.

Lumens and Dollars

The announcement came out yesterday about the fact that the Stellar ecosystem is now going to have its very own capabilities of XLM to USD exchange. That will allow users to both sell and buy XLM tokens by using US Dollars.

Considering the fact that the transaction fees within the Stellar network is remarkably low, the development could see bank to back and even cross border payments see a surge due to increased efficiency and affordability. XLM can also potentially become the digital asset which will be preferred by people who want to cash out their cryptocurrency assets for US Dollars.

Their announcement has also said that the addition of a USD to XLM on-ramp and off-ramp will garner the support for more businesses getting involved within the Stellar ecosystem. The Stellar network itself has a lot of appealing features right now that cater excellently to both businesses and individuals.

Of course when it comes to real life use cases, the Stellar ecosystem does not even compare to the likes of Ethereum right now but that can change within the coming few years as the Stellar network’s proliferation accelerates due to their first US Dollar anchor through Stronghold. It’s even possible that the Lumens might just pose a real threat to the XRP tokens created by Ripple when it comes to the mass adoption by major financial institutions and banks when they are looking to move their money around the world in a fast and affordable manner.

All of this spells a potentially lucrative future for the Lumens and the Stellar ecosystem itself.