This week has seen the price of Stellar Lumens (XLM) perform far better than the rest of the top 10 largest coins. The coin’s price was in the green all week and closed the day top of the list at a daily return of over 9% this Thursday. This recent resurgence comes as a relief to Lumen owners after the recent cryptocurrency bloodbath that saw the price drop to less than half after reaching an all-time high of $0.8 this January.
Last Tuesday, EToro, the mobile trading application, announced on Twitter the addition of Stellar Lumens (XLM) on the trading platform. The platform currently boasts of over 6 million users, who offer a new market for the coin and more trading opportunities to people interested in XLM. Users will be able to trade the coins on the platform but the coins will remain in the trading firm.
The coin’s price was in the green all week and closed the day top of the list at a daily return of over 9% this Thursday.
This increasing amount of attention from crypto players in the past six months made the coin join the likes of Bitcoin (BTC) and Ethereum (ETH) in the top 10 bracket. It’s currently the 7TH largest token in market capitalization according to Coinmarketcap. As at February 2018, the total amount of XLM in supply was 18,437,543,083 with a market cap of $ 8,370,294,246.
Since the launch in 2014, the network has provided quick transaction solutions via the STR tokens, renamed to ‘Lumens’ when the platform underwent an overhaul. Stellar has since managed to beat Bitcoin and Ethereum on returns made through enhancement of the consensus used to approve transactions in its network.
Mobius DApp Store CEO, David Gobad has been on record saying that stellar (XLM) allows for larger and faster transaction volumes of within 2-5 seconds after entering into a partnership with Stellar. “Ethereum only runs at 7 token transactions per second and transactions can cost more than $0.30 (sometimes multiple dollars!), which is significantly greater than credit card fees.” said David as he spoke to CrowdfundInsider. “Stellar, on the other hand, runs at ~1,000 transactions per second today and costs fractions of a cent per transaction. Stellar also natively supports multi-sig wallets and has smart contracting capabilities without a Turing complete programming language, so its attack surface is much smaller.” He added.
Other Fortune 500 companies such as IBM and other banks are working with Stellar to develop International Payment Systems (IPS) that are way faster than transactions by other altcoins following a partnership deal in October 2017.
“We chose Stellar instead of Ethereum because we realized Ethereum could not handle the Mobius DApp Store transaction volume.”
– David Gobad, CEO,Mobius DApp Store.
Stellar Term, not owned by Stellar network, developed the network to allow for a decentralized exchange (SDEx) on the platform. The platform allows for instant trades on a decentralized exchange ensuring even new coins can be traded within the first day of offer on the Stellar network Coins. This enables users to switch from the traditional Ethereum ERC20 token method while offering ICOs. This is a pretty big deal as we saw it happen on Ethereum before.
Among other solutions that Stellar (XLM) provides include the ease of moving form fiat to cryptocurrency and vice versa through Fair X. Stellar also works with big players such as Tempo, a France based money transfer company that anchors to the Euro in the network. This has given the coin mileage in terms of acceptance into the crypto world that is full of uncertainty.
Stellar has been bullish since November 2017 which was the general trend in the cryptocurrency market until the recent sell off this February. Even during this time of peril, the coin’s value increased significantly in January 2018 hence among the top 3 performing currencies as at time of press.
This recent partnerships will be expected to push the value of the coin even further with experts citing $1 as a very achievable price. This hypothesis is supported by the fundamentals of the Stellar network which solves quite a number of issues in transacting cryptocurrencies as well as offering a decentralized exchange to its users.
Stellar Lumens (XLM) are currently available on major exchanges with a significant number of coins being traded in major coin exchanges such as Binance, Bittrex and Poloniex.
However, it would not be prudent to ignore the high volatility involved in the crypto world hence the value of Lumens can be negatively affected by other factors such as regulation and hacks that may be overlooked. Otherwise, Stellar (XLM) fans can now rest easy with the coin set on hitting the $1-mark this month.