Cryptocurrency Stellar Lumens (XLM) now holds on to the seventh position after briefly claiming to be the sixth largest crypto in terms of market value. The currency leaped from the 10th place it attained on Friday.
Stellar Lumens (XLM) Sets New Record
The price of Stellar went up by 62.6% on Wednesday, with the currency attaining a new record high of $0.95, briefly increasing its gain for 2018 so far by 150% according to CoinMarketCap. The data pulled from the website also revealed that the gains recorded by Stellar pushed its market cap to $15.7 billion, ranking it the sixth most valuable crypto in the world. It was up 14% today at $0.85.
Ripple (XRP) Crosses $3.5
Another digital currency to gain massively early Thursday was Ripple (XRP), with the currency going up by 38% to an all-time high of $3.76. per coin. The currency now has a market valuation of $145 billion, second only to Bitcoin’s more than $250 billion.
Analysts are of the view that Stellar was a ‘catch-up’ trade after Ripple’s recent surge. The price of Ripple went up by 35,500% last year to trade at $2.30 by the end of the year. It has so far gone up by 25% this year.
Stellar (XLM) and Ripple (XRP) Neck And Neck
Both Stellar (XLM) and Ripple (XRP) have a similar protocol, with the duo benefitting from the sharply rising bitcoin fees since both are optimized for fast and cheap transactions. Both cryptos are networks that allow users to make efficient cross-border payments. Their transactions are made within seconds, while that of bitcoin takes hours at least. Stellar is a cheap Ripple alternative and it seems both are running neck and neck so far this year in terms of popularity among investors.
Bitcoin Under Dark Clouds
Bitcoin which is the leading cryptocurrency in the world traded around 9.5% higher, roughly $15,146 even though it is still 23% lower than the record high it attained last month. At that record high, bitcoin’s price gained 1900% for 2017.
It, however, ended the year with only about 1300% higher. In the crypto space, bitcoin is underperforming other digital currencies so far in 2018 with gains of less than 10%.
The plunge in bitcoin price has led to investors and traders looking for new currencies that have potential similar to that of bitcoin and can give them the best return.
How far the duo of Stellar (XLM) and Ripple (XRP) will go is still unclear, but what they offer is very tempting, thus the reason why they are backed by banks and other big financial institutions in the world.