The expected price rallies that should have followed the end of the bearish market haven’t been exactly as hoped for the major cryptocurrencies.
Even though many have recorded upside movements in recent days, the dash towards new highs has been rather measured. Bitcoin has failed to break above $10k, and Ethereum has been trading under $700 for a while now.
In the midst of this, two cryptocurrencies whose fortunes could be starker are Verge (XVG) and Stellar (XLM). Verge vs. Stellar would have been a difficult thing to call for the better part of April after 17th. It’s during this period that XLM began its upward trajectory, albeit slowly. The lumens had rallied to cement its position in the top ten, overtaking Litecoin (LTC) in the process.
On the flipside, XVG was on a downward trend, plunging from a misunderstood partnership. The privacy coin had dropped by as much as 40% in two days, while the rest of the market seemed to gain marginally.
Verge (XVG) vs. Stellar (XLM): Partnerships that could decide their future
The race to global adoption is a hot one in the crypto ecosystem. Verge and Stellar are among the platforms that have recently entered into industry-defining partnerships in 2018.
The merits of XVG over many other cryptocurrencies can’t be over-emphasized. Its privacy features and a unique blockchain protocol means it can become globally accepted by both mainstream users and those who prefer to stay anonymous.
Its biggest partnership so far is the one signed with Mindgeek, the parent company of global brands like Pornhub and Brazzers in the adult entertainment industry.
The current uptrend on the market owes some of the momenta to that deal and with 100 million possible users, XVG can only be bigger. The other partnership that could set Verge onto the highway to mainstream use and possibly into the top 10 is the deal with TokenPay.
With a week or so before the official announcement, excitement is already building due to the upcoming debit cards. If that deal lives up to expectation, XVG could be on its way to a bank near you.
Stellar too has some big shot partnerships in their corner. In terms of what they want to achieve, you could argue that StellarLumens perhaps have the best chance of getting the most out of their partnerships. There is a number like the recent boost it got from MobileCoin platform. Then there’s the deal with Pundi X payment system.
But the top dog is IBM. The company can single-handedly propel Stellar into the top three cryptocurrencies with its vast reach. The good thing is that the company has already demonstrated that Stellar’s platform has what it takes to facilitate cross-border payments.
If the computer giant replicates its efforts in the Pacific region in other regions, then expect XLM to spike as demand increases. It could be the reason Stellar overtakes Ripple in their race to become the currency of use in cross-border payments.
Verge vs. Stellar price today
Verge (XVG) is currently ranked 23rd on coinmarketcap.com with a market capitalization of $1.23 billion. The debacle that led to its price drop has turned out to be one of the reasons it’s rising again. Today XVG is trading at $0.082 against the USD, a total of $367 million worth of the Verge coins being traded at the time of writing.
Over the last 24 hours, XVG has surged by 22% to inch closer to getting back to the top 20. The coin has also seen its value rise by a similar margin of about 21% over the last 7 days.
Given the upturn in sentiment and positive news from elsewhere, XVG is expected to continue gaining in value over the short-term. Long-term, its value may depend on how well its recent partnerships do.
Stellar (XLM) too has performed well over the course of the past few weeks. Today the coin has surged by a less impressive 3.10% against US dollar. Its market cap stands at $8.2 billion, less than $1B ahead of LTC.
At the price of $0.44, Stellar is still some way of the elusive $1 target for this quarter. Compared to XVG, the coin has a far less trading volume of $125 million worth of lumens traded so far. However, this still leaves its 7-day change in double digits at 14.15%.
Partnerships will play a key role in these two cryptocurrencies’ efforts to get global acceptance. And that will also play a key role in whoever reaches $1 faster than the other.