The past year had literally been the year of cryptocurrencies, surrounded by the hype related to the surprising surges in bitcoins and altcoins. A cryptocurrency that wasn’t noticed in 2017 was Stellar that made a remarkable entry in 2018 by creating waves in the crypto space after making its way to the top 10 cryptocurrency listing.
Stellar (officially known as Lumen or XLM) has inclined more than 65 percent since Friday, reaching $10 billion of market capitalization and securing the title of eighth largest cryptocurrency, according to CoinMarketCap.
Stellar operates similarly like Ripple (XRP). According to its official website, XLM completes transactions in 2 to 5 seconds and allows users to exchange real currencies, for example, it turns USD into Euros.
The cryptocurrency is ideal for cross-border payments and as compared to banks, charges much fewer fees. XRP and XLM are the subject of interest for many financial firms that manage international payments – due to their faster, cheaper and many secure operations.
IBM is using Stellar’s blockchain network to develop an inclusive global infrastructure for payments, partnering with financial institutions, payment aggregators, and technical specialists.
The largest cryptocurrency, Bitcoin which soared 1,900 percent over the last 12 months had stopped its upward motion since the last two weeks. However, on the basis of percentage, Ripple had a prominent lead. XRP surged 35,500 percent last year to $2.30, becoming the second largest digital currency by market cap.
The San Francisco based startup Ripple had teamed up with a number of financial firms in Japan and South Korea, which use the Ripple XRP coin for international transactions.
Along with the basic features, both the companies also share the same founder, Jed McCaleb.
McCaleb left Ripple in 2013 and is currently focusing on Stellar. He says that it’s a nonprofit project that manages operation costs with donations and its cryptocurrency holdings.
Behind Ripple is Ethereum that maintained its place as the third largest digital currency by market cap. The cryptocurrency reached an all-time high of $908.12 on Tuesday, soaring up to 17.5 percent, according to CoinMarketCap.
Meanwhile, Litecoin reached $261, about $100 below its record high last month. The virtual currency is the sixth largest cryptocurrency with a market cap of $14 billion.