Stellar (XLM) is not a very known cryptocurrency. It is not usually in the front page of most of the news sites and it is not the most accepted virtual currency. Since Christmas, this coin has started to grow exponentially. Let’s have a look at why this happened.
What is Stellar Lumens?
Stellar is called the future of banking. This cryptocurrency has created the Stellar Network in which individuals and financial institutions to participate in the same open and global financial network.
Stellar webpage reads as follows:
“Stellar is a distributed, hybrid blockchain that is fully open-source. It is infrastructure that exist to facilitate cross-asset transfers of value, including payments. With just one integration into the Stellar Network, you will join an open, global financial network where all actors – be they people, payment networks, or banks – have equal access & economic participation.”
Behind Stellar there are distinguished developers and entrepreneurs like Jed McCaleb and Matt Mullenweg, a web developer and WordPress creator. Mr McCaleb is Stellar founder and was participating in the Ripple’s (XRP) project. Indeed, Stellar tries to imitate some of Ripple’s features, like fast cross-border transactions and the Stellar Network similar to the Ripple’s one.
Why Did Stellar Skyrocketed?
In January 2017, this cryptocurrency was traded around $0.002, and it jumped up to $0.8 dollars just some hours ago. Since December the 28th it has grown fourth times! That’s an incredible performance. Something similar happened to Ripple in the last weeks, when the whole market was operating negatively.
Many investors have been looking at profitable investments other than Bitcoin. In this way they have found Ripple (XRP) that became the second most valuable cryptocurrency in the market. As Ripple had an incredible surge, investors are looking at other currencies that could have similar gains as Ripple in the last weeks. Stellar, as mentioned before, has similar qualities to Ripple. That’s why it may be now pushed up. If Ripple has a prosperous future, Stellar, for sure will have its part of the market.
Furthermore, the Stellar project has had a strong support from many different banks. Its network has been backed by IBM and more than 30 banks from all over the world. The customizable, fast and secure network that Stellar offers has an advantage over Ripple, it offers not just a network for banks but also for individuals. Besides that, Stellar offers the possibility to run Initial Coin Offerings.
We have just started the year and we are experiencing an interesting market. Soon the total market capitalization will be 1 trillion dollars and the next step will be towards 10 trillion dollars. Many alt-coins will benefit from this surge during the coming months. Whether Stellar will keep its upward trend, remains to be seen.
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