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2018 is still in diapers and yet the cryptocurrency top 10 is already looking very different to last year. Gone are the likes of dash, replaced by coins that have never reached these heady heights before: tron and stellar. The latter peaked at number six this week after tripling in value in seven days from a low of 32 cents. Stellar now boasts a $ 13 billion market cap. After lying low for the first three years of its existence, stellar is riding high and attracting widespread media attention.
From a Ripple to a Rocket
Stellar is described is an open-source project with a “distributed, hybrid blockchain”. It “exists to facilitate cross-asset transfers of value, including payments. The Stellar Network forms “an open, global financial network where all actors – be they people, payment networks, or banks – have equal access”. If that sounds a lot like Ripple, that’s because it is: Stellar is Ripple’s sibling, having been created by Ripple cofounder Jed McCaleb after he left the company. McCaleb is also famous for having sold Mt Gox to Mark Karpeles in 2011. Stellar was initially a fork of the Ripple protocol, before later being extensively rewritten.
Lumens (XLM) are the currency that power the Stellar Network, which boasts transaction times of under five seconds. The network has a fixed inflation rate of 1% per year. Like Ripple, Stellar’s targets are financial institutions and corporations, and the company has already inked deals with IBM and Deloitte; the latter is classified as a partner. Stellar’s goal, like that of many cryptocurrencies, is to become the web’s go-to payment solution. Low fees and fast transaction times are its two biggest claims, although the same can be said of many altcoins.
Billions of Lumens Shining Bright
In 2017, 29 cryptocurrencies exceeded bitcoin’s 1,600% gains, and stellar was one of them. Its value has grown an astonishing 28,000% in the space of a year. In the past 24 hours, $ 800 million lumens were traded on exchanges. The token reached an all-time high of 90 cents this week and is currently trading for around 75 cents.
Some commenters see Ripple and Stellar as locked in a battle for supremacy, enacting their own version of Bitcoin Core vs Bitcoin Cash. Given the similarities between Ripple and Stellar, including their shared codebase, people, and target audience, these comparisons are inevitable. In terms of developing relationships with banks and other financial institutions, Ripple is streets ahead, but Stellar has the upper hand in other areas.
For one thing, it’s not hoarding 60% of the total supply to itself. Ripple, on the other hand, still holds 55 billion XRP. The total number of coins in existence on each network is very similar though, standing at 100 billion ripple and 103 billion stellar. 17.8 billion stellar are in circulation right now, two billion of which were awarded to Stripe in 2014 in exchange for a $ 3 million loan. If Stripe still has them, those lumens are now worth billions.
Despite Stellar’s interstellar ascent, not everyone is convinced by the cryptocurrency.
How Centralized is Stellar?
Like Ripple, Stellar uses a network of trusted validator nodes. While anyone can host one, the Stellar Network relies on approved nodes which have close ties to Stellar. As a consequence, stellar is not a true decentralized currency. Generally speaking, the closer a cryptocurrency is aligned with institutional investors, the more centralized it is by design. For what it is worth, Stellar is at least less centralized than Ripple.
It is debatable whether Stellar is worth its $ 13 billion market cap, but then the same could be said of many cryptocurrencies lurking in the top 10, including Ripple, Tron, and Cardano. In an irrational market, assets are worth whatever the next buyer’s willing to pay for them, and right now that figure is higher than the one before. If Ripple can become a $ 3 coin, there’s no reason why Stellar can’t continue on its rocket ride to infinity and beyond. After months of bitcoin dominance, altcoin season has returned, and it’s the penny stocks of the crypto world that are shining the brightest.
Which project do you prefer – Stellar or Ripple? Let us know in the comments section below.
Images courtesy of Shutterstock and Coincodex.
Need to know the price of bitcoin? Check this chart.
The post Stellar Rockets into the Cryptocurrency Top 10 After Tripling in a Week appeared first on Bitcoin News.
The price of bitcoin has once again reached a new price high on December 6 touching $ 14K across exchanges worldwide. The value touched an all-time high of $ 14,047 and quickly dropped to the $ 13,500 range shortly after. At the moment order books across exchanges are going wild.
The bitcoin price locomotive continues to truck upwards and steamed past the $ 14K region on December 6. Bitcoin’s value had touched $ 14,047 per BTC at approximately 8 pm EDT. The price already reached the $ 13,000 region earlier in the day for the first time. The currency has increased by 20 percent from the start of the day’s trading sessions and currently commands a record global trade volume of over $ 13Bn over the past 24-hours. At $ 14,000 per BTC the decentralized currency captured a massive $ 235Bn market capitalization.
Currently, South Korean markets are pushing the volume to extreme levels as Bithumb is commanding the top exchange position today. The Korean trading platform is followed by the exchanges Bitfinex, GDAX, Binance, and Bittrex. The Korean won has taken a large chunk of the Japanese yen’s dominance over bitcoin markets. At the moment the Japanese yen only captures 48 percent as the KRW has pushed up to 7.9 percent behind the USD.
The $ 14,000 range didn’t last long but bulls still have a lot of pressure pushing up the price. Above the $ 14K area is a lot of resistance with gigantic sell walls between the $ 15-16K territories. In the background, however, buy walls are much thinner showing that very large and quick dips like the one that took place earlier this evening could happen quite easily. After dropping to the $ 13,500 region bulls have already pushed the price back above $ 13,900 only a few minutes later, proving anything can happen going forward.
The fact that the price of bitcoin had moved over $ 1,000 in one day from $ 13K to $ 14K has been astonishing, to say the least. But everyone involved with bitcoin knows the honey badger of money doesn’t care what any of us think and keeps on making its mark on the world.
Where do you see the price of bitcoin heading from here? Let us know in the comments below.
Disclaimer: Price articles and bitcoin markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Pixabay, and Bitstamp.
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The post Bitcoin Rockets Past $ 14,000 Astonishing Everyone appeared first on Bitcoin News.
Beyonce will not be adding “basketball team owner” to her impressive resume, at least not yet. The singer was rumored to be part of an investment group looking to buy the Houston Rockets, but the group lost out to billionaire restaurateur Tilman Fertitta, TMZ reports. Fertitta will reportedly buy the…
Tilman Fertitta tells TMZ Sports he’s absolutely STOKED about buying the Houston Rockets — explaining it’s been a lifelong dream … and he wants to bring Beyonce into the fold. We spoke with the “Billion Dollar Buyer” star moments after it…
SpaceX’s long-awaited Falcon Heavy rocket is just one of a handful of heavy-lift rockets being developed by companies and NASA.
L.A. Times – Business
With SpaceX and Blue Origin trips slated to cost a fraction of the $ 1.6 billion NASA is committed to pay for Orion’s first test flight, the project’s champions aim to show that subsequent flights of the deep-space vehicle would be less expensive.
WSJ.com: US Business
President Trump’s Winter White House is in an aerial bubble … with major restrictions on drones and other aircraft flying within miles of Mar-a-Lago. Drones cannot be flown within a 10 nautical mile radius of the area surrounding the president’s…
SpaceX Chief Executive Elon Musk envisions a fleet of 1,000 spaceships embarking en masse for Mars, establishing a self-sustaining colony of as many as 1 million people and turning humans into a multiplanetary species within 40 to 100 years.
“There are really two fundamental paths,” Musk said….