Despite its recent losses, Stellar (XLM) continues on its way back up and is managing to hold its own against both Bitcoin (BTC) and the USD. In fact, the charts regarding its relationship with both currencies are surprisingly similar.
About Stellar Lumens (XLM)
Stellar is one of the altcoins that is under the top 10 in the current list of cryptocurrencies. So far, it managed to get listed in more than 10 crypto exchanges around the world, and its biggest success is with Binance, where it holds the biggest volume of coins that were exchanged for BTC. Its current market cap is at around $5.13 billion, which is what has secured this crypto the rank of 8. This may not seem like a big deal at first until we remember that there are around 1800 active cryptos out there right now.
Stellar’s average trading volume on the daily basis is at around $30 million, and it is defined as a mid-cap coin. Its token’s value is at $0.2872 when compared to the US dollar, and it is worth 0.00003746 in Bitcoin (BTC). It has a liquidity ratio of 0.83%, and a supply of 18 billion tokens. However, even this is quite a small number when compared with its max amount, which is 103 billion individual tokens.
Obviously, Stellar is doing well against BTC, with its price going up for about 4%. This is pretty much the highest amount of all 20 top coins, which is something to be proud of. Its growth might also be used as an indication that other cryptocurrencies might follow this pattern too, soon enough.
Earlier this year, in January, before the market value of all cryptos dropped significantly, XLM was worth $1. Soon after that, it went down to $0.2, which is pretty much where it stayed, with slight oscillations. However, the oscillations have been growing smaller and smaller over time, which at the very list indicates some stability. However, it also has a potential to climb back up, and many are expecting it to do so anytime soon.
Recently, however, it has been bearish, just like all the other currencies, and it lost around 29% in the previous month. Still, its volatility has been at around 33% during that same month, and its cumulative return is at more than 9000%. Because of this, experts believe that this crypto might get its value back to $1 as soon as the market allows it.
Stellar vs Ripple
Its biggest competitor right now seems to be Ripple (XRP), which is an achievement in itself, since Ripple has a lot more influence than XLM. Still, they do not exactly occupy the same space. Ripple’s main focus has been on enabling better ways of sending payments across the border. It is working on achieving this by empowering various financial institutions and major banks.
Stellar, on the other hand, has been working on P2P funds transferring issue. Basically, this crypto is trying to provide its users with the ability to send payments to each other directly, without the need for the middleman. This is yet another reason why this crypto’s future is ensured since this is one of the things that people desperately want. The project’s potential has grown even more after the partnership with IBM has been announced.
Another part of Stellar’s efforts is going towards getting central banks to accept the blockchain technology, and use it in order to issue their own coins. With IBM’s support, this might become a reality, since IBM is already one of the main suppliers to various central banks. Situations like these, as well as Stellar’s goals, are what makes people really support it. Not only that, but they seem to be ready to even choose XLM over BTC. Not yet, since the market is still not quite there right now, but soon enough.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of European Southern Observatory via Flickr
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
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