Ripple’s phenomenal price gain in the last week is no longer news for those who have been following the cryptocurrency market. Stellar (XLM) may experience a similar gain or even more as long as the market remains.
Although all cryptocurrencies have experienced some increase in the last week, Stellar made a significant gain which admittedly was not as phenomenal as that of Ripple, but was enough to raise the hopes of Stellar’s supporters and to make them expect more in the future.
One of the reasons for this expectation is the recent improvement in the cryptocurrency’s service. It has recently launched Stellar Term, a decentralized exchange and wallet developed by Iris Li, that enables easy trading, sending/receiving of digital assets on the Stellar network. It has also built a strong alliance with Stronghold, a giant holding company and IBM, a multinational technology company, in order to further improve its system.
The price gains in the last few days suggests Stellar might beat Ripple in the race to take over the cryptocurrency market. It has already knocked EOS off before to take its fifth place before dropping to the sixth. It may go even higher next time because of some recent “strong fundamental news” about the company which have proved to be of advantage.
First, Goldman Sachs whose rumored change of mind on creating a bitcoin trading desk allegedly led to the recent crash of the Bitcoin, has added XLM to its list of tradable assets. That is a certain plus. Secondly, UNICEF has announced its acceptance of the asset as a token for donations.
Another major event took place earlier this month. There was a merger between Lightyear Corporation and Chain Incorporated that gave birth to a new company, Interstellar. This merger is expected to widen the scope of Stellar’s products coverage and increase patronage of its public ledger by providing a conducive environment for different organizations to trade, send and receive digital assets around the world on the Stellar network,.
Jed McCaleb, co-founder of the Stellar Development Foundation Lightyear speaking on the merger said:
“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols. We are thrilled to be joining forces to help organizations build on Stellar.”
Stellar is now the sixth largest cryptocurrency in the world owing to these recent developments and if it keeps pushing up as it did last week gaining up to 50%, its dream of taking over the industry may be within its reach in the near future.