Stellar XLM, the number four cryptocurrency by market capitalization has recorded a huge 1 million wallets increase in the wake of its $125 million air drop in collaboration with Blockchain.com wallet which is considered one of the most lavish air drops in the cryptocurrency industry.
The Stellar network had ~1 million wallets as at July this year, meaning the organization experienced a 100% growth in the number of active wallets on the network in less than 4 months. The number of wallets had grown since January 2018 to reach the 1 million in July, making the increase a major feat in the history of the network.
Stellar is one of the top altcoins known for cross-border payments supporting all currency pairs. The open source decentralized protocol facilitates digital currency to fiat currency transfers and is supported by the non-profit Stellar Development Foundation. The network now accounts for 25% of all altcoin wallets in the cryptocurrency industry.
XLM broke a record as the best performing cryptocurrency among the top ten this week according to Coinmarketcap.com. This surge may be as a result of the increased number of active wallets on the network. The asset saw an increase of 7.43% within a 24 hour period during the recovery period experienced within the week.
Meanwhile the market has been on the rise today and all top ten cryptocurrencies are in the green except BCH which has been struggling during the week. XLM is trading at $0.167614 with a gain of 4.44% while Bitcoin the leading cryptocurrency is currently trading at $4,247 with a gain of 5.3% after a hover around the $4,000 mark yesterday.
Stellar is the number one competitor of XRP probably due to their shared niche of cross-border payments. Although Ripple is working tirelessly to stay ahead of the payment game, Stellar may be catching up soon if the current rate of growth is sustained.
Some members of the crypto community believe the recovery is likely to be sustained. If this happens then XRP may be facing very tough competition from XLM. the year 2019 may be a good year for cryptocurrencies and those focused on payments such as XRP and XLM may be at the forefront of the market as the demand for payment services is growing on a daily basis. It will be interesting to see what happens in the next few days and the rest of the year.