Categories: Uncategorized

Its Price Nearing $1, Stellar Lumens Surpasses LTC

The first few days of 2018 have constituted a booming start of the year for cryptocurrency, with the overall market pushing to new all-time highs and many coins seeing huge bull runs. Among these, Stellar Lumens (XLM) is emerging as perhaps the biggest winner.

Since December 31, Stellar Lumens has already increased by close to 200%, from a price of US$0.31 to US$0.88. XLM has become the sixth highest-valued cryptocurrency, with a total market capitalization of US$15.7 billion. Stellar is now worth more than NEM and LTC, which are valued at US$15.2 billion and US$13.3 billion, respectively.

Just under a month ago, Stellar Lumens was struggling to maintain its position among the top 20 cryptocurrencies. Its recent surge is an addition to an even larger run in the past month, with XLM gaining nearly 1,000% since December 3. To reach the top 5, Stellar will have to grow by another 70% to overtake Cardano (ADA), currently valued at US$26.8 billion.

Related Post

Stellar Lumens represents a decentralized alternative to Ripple (XRP). Like Ripple, XLM provides a number of features to dramatically reduce transaction costs and simplify cross-border payments. Unlike Ripple, which is marketed to banks, XLM seeks adoption by citizens worldwide as a gateway for remittances, as well as a superior currency for micro-transactions for both merchants and individuals.

Much of XLM’s valuation can be attributed to its partnerships with industry leaders, such as IBM and Deloitte. Deloitte, one of the “Big 4” accounting firms, announced it has seen a 40% cost reduction since adopting Stellar Lumens for internal transactions. IBM is using XLM to power its blockchain initiatives and create a cross-border payment system which will act as a global solution for blockchain banking.

Beyond this, there are rumors that Stellar will be integrated in the upcoming distributed exchange, FairX, which is poised to serve as desperately-needed competition to the exchange giant, Coinbase. FairX is being developed by IBM employees and in conjunction with IBM’s existing blockchain infrastructure.

It has not been explicitly confirmed that Stellar will be incorporated into FairX, but if it is, it stands to reason that XLM has the potential for even larger increases than those which have already been seen.

Zane Huffman

Zane is a crypto enthusiast who has been involved since August 2013. He is a trader and writer of all things cryptocurrency. He is very excited for the role cryptocurrency will play in the future, especially in regards to the videogaming industry.

Share
Published by
Zane Huffman

Recent Posts

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

6 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

6 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

7 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

7 hours ago

$ELIZA Token Launch Marred By Insider Trading Allegations

The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…

7 hours ago

Cardano’s Rally Highlights Diverging Moves Among Investors

Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…

7 hours ago