XLM Surpasses Litecoin For Sixth Spot in Crypto Market Ranking

XLM Surpasses Litecoin For Sixth Spot in Crypto Market Ranking

Stellar has experienced massive gains over the past couple of days and as a result, XLM has achieved the sixth spot in the crypto market ranking, therefore surpassing Litecoin.

The market capitalization for stellar has increased to $1.4 billion since Tuesday and the price of a single Lumen has a high near $0.32 according to CoinMarketCap.

At current price levels, Stellar has a total market capitalization of $5.7 billion that is around $700 million higher than the next cryptocurrency- Litecoin. This year, Litecoin has been surpassed by two cryptocurrencies – EOS and Stellar.

Last December, Stellar and EOS were ranked 12th and 13th respectively and Litecoin had the 5th spot. Now, EOS ranks the highest among the three in terms of trade volume.

It is for a fact that stellar’s high trading volumes reflect the greater market trend, however, it has significantly benefited from its partnership with IBM. It was recently announced that IBM has partnered up with a fintech startup to launch a stablecoin on the Stellar network. Since then, XLM’s trade volume has increased four-fold. Just two months ago, IBM also announced that it will use stellar to launch a new digital currency that will tokenize carbon credits. This new currency is to help companies account for carbon credits that have been extremely difficult to quantify.

Stellar and IBM have been natural allies in making the world of cryptocurrency more seamless and accessible. IBM’s banking network is also using Stellar to move money across great distances in near real time.

The amount of Initial Coin Offerings (ICOs) on the stellar network is also increasing. Currently, there are 16 past and future projects that are relying on Stellar to launch their own cryptocurrency. While, in November 2016, Smartlands was the first ICO on the Stellar network.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.