It is rare for positions to be exchanged in the top level of the cryptocurrency market. However, in recent times there has been considerable movements most notably in the top ten cryptocurrencies. XRP has twice come from behind to become the second largest cryptocurrency- temporarily. Now, there have been even more changes in the top ten cryptocurrencies.
In the last couple of hours, data from Coinmarketcap have shown that Stellar has climbed up in ranking. According to the website’s ranking, Stellar is now the fifth largest cryptocurrency in the world. The position was initially occupied by EOS which has now been pushed back to sixth. Could this signal a bullish rally ahead?
At the time of press, Stellar is trading for $0.265314. In the last 24 hours, the coin has dropped by at least 2%, which is a price correction from yesterday’s price rally that saw the coin trade in the highs of $0.28.
For the last couple of days, the coin has succeeded in staying above the $0.25 position which has always been a key position for it. In case it dips below the position, there is always great loss and the higher above the position it is, the more likely it is to soar. For the coin, it is a crucial support level.
One reason why the coin is enjoying this recent stability and a prestigious position in the top five ranking in the world is its partnership with Blockchain.
Recently, Blockchain.com Wallet announced they would begin supporting Stellar, making it the only fourth coin to be supported by the wallet. The wallet also supports Bitcoin Cash, Ethereum and Bitcoin. Blockchain went on to add that they would conduct the biggest airdrop of $125 million worth of Stellar Lumens. Stellar has been riding on this news since last week and has ensured its stability. On top of marking the biggest airdrop, Stellar will be more accessible in the U.K, where Blockchain.com is a leading cryptocurrency exchange.
Stellar is considered Ripple’s greatest competitor. There has been a lot of debate over which one is more superior but, one thing has always set them apart, their ranking in the market. Ripple has always been on top of Stellar. Stellar looks like it might be determined to become better than Ripple in future and this could be settled by Stellar taking XRP’s position.