Stellar Skyrockets Past Litecoin in Total Market Cap
Initially conceived by Charlie Lee, the digital coin has seen positive gains recently and on the other hand, Stellar took a full-blown soar, expanding over 29 percent in just one day.
Steller has recently climbed to a whole new level, reaching new highs in the digital market and replacing the sixth strongest currency as well as one of the initial digital coins within the cryptosphere, Litecoin.
Two significant events occurred that resulted in the massive bounce by Stellar. The initial one focused on the general sentiment throughout the crypto environment. After Bitcoin’s breakthrough to $7400, many other cryptocurrencies within the crypto market reported positive gains in just one day. Ethereum, Ripple and Bitcoin Cash have all seen gains under 10 percent as well.
The second factor related to the climb is that IBM began supporting a stable-coin on Stellar’s network and provide new depositing services of USD in Prime Trust. The Chief Technical Officer of Stronghold, the partnering firm, Sean Bennet said that for any asset transactions for any kind of currency must develop and advance due to the current research by many financial companies into the adoption of cryptocurrencies due to their enhanced performances.
Given Stronghold’s involvement, Stellar Lumen coins will be returned in exchange for USD and any other cryptocurrency on its network. Transforming fiat currencies into digital ones can revolutionize how financial transactions are processed globally as Jesse Lund, GVP of IBM Blockchain.
Stellar saw a massive climb of 29 percent in just one day and has peaked at $5.6 in the total market cap. Litecoin has fallen under Stellar with $5.2B.