Stellar XLM Surpasses Litecoin for Sixth Spot in Crypto Market Rankings
Stellar’s massive gains over the past 48 hours have catapulted XLM to sixth spot in the crypto market ranking, surpassing Litecoin for the first time.
XLM Price Levels and Comparisons
The market capitalization for Stellar has ballooned $1.4 billion since Tuesday, with the price of a single Lumen reaching a high near $0.32, according to CoinMarketCap. At press time, the cryptocurrency was trading at $0.308, having gained nearly 2% over the past 24 hours and more than a third since Tuesday.
By comparison, the broader cryptocurrency market has gained 7% since 13:00 UTC on Tuesday, when the uptrend first began.
At current price levels, Stellar has a total market capitalization of $5.7 billion – some $700 million higher than the next cryptocurrency, Litecoin. Charlie Lee’s Litecoin project has now been upended by two cryptocurrencies this year: EOS and Stellar.
Stellar and EOS were ranked 12th and 13th, respectively, last December as Litecoin held on to the fifth spot. EOS is currently the highest of the three in terms of trade volumes.
The IBM Catalyst
Although Stellar’s bullish reversal cannot be divorced from the broader market’s sudden rally, the coin is also benefiting from enterprise adoption of the XLM protocol. As Hacked reported on Tuesday, IBM has joined forces with a fin-tech startup to launch a stablecoin on the Stellar network. Since the announcement was made, XLM’s trade volumes have grown four-fold.
Just two months ago, IBM also announced it was using Stellar to launch a new cryptocurrency that will tokenize carbon credits. The new token is intended to help companies account for carbon credits, which have been difficult to quantify.
Stellar and IBM have emerged as natural allies in the quest for a more reliable global payment network. Long before these new projects were announced, IBM had been working with Stellar to launch a network of 12 currency corridors spanning Australia, New Zealand and the smaller island states of the South Pacific. IBM’s banking network is using the Stellar network to move money across vast distances in near real-time.
The list of initial coin offerings (ICOs) launching on the Stellar network is also growing. CoinLauncher currently lists 16 past and future projects that are relying on the platform to launch their own cryptocurrency. Back in November, Smartlands became the first ICO to launch on the Stellar network.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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