It is hard to compete with the big leagues when you’re just the new kid on the block. You have the option to copy what they have been doing and wait for the success. Or, you can change it up, take the right action and take a risk. We all know that almost everybody will go for the safer option.
There are lots of established cryptocurrencies in the market namely; Bitcoin, Ethereum, and Ripple. There is one digital currency that you probably haven’t heard of that is making some noise at the start of 2018. We’re talking about Stellar. Find out how this newbie wins big this year so far.
Stellar has had a great start to 2018 as it has risen by 65 percent since Friday and has now received a place in the top 10 cryptocurrencies ranked by market capitalisation.
It currently holds a market capitalisation of $10billion. Market capitalisation refers to the total dollar market value of a company’s outstanding shares.
Stellar’s transactions take only two to five seconds and allows users to quickly exchange government-backed currencies, like turning US dollars in to euros.
Stellar coins are officially called lumens or XLM.
IBM, the computer manufacturing company is using Stellar’s network in order to develop a cross-border payments system. Deloitte, the consulting firm, is also a partner.
As bitcoin’s price has been shaky over the past two weeks other cryptocurrencies have been making a name for themselves. Both stellar and ripple would be placed in this camp. Still, bitcoin enjoyed good news today as Peter Thiel who runs Founders Fund, a PayPal co-founder and early Facebook investor, has bought millions of dollars in bitcoin.
The two cryptocurrencies share the same founder, Jed McCaleb. Mr McCaleb also created Mt.Gox, a bitcoin exchange in Tokyo that was founded in 2010. He sold Mt. Got in 2011 to Mark Karpeles who suffered from a massive hack and the company filed for bankruptcy in 2014.
Today, Mr McCaleb is fully focused on stellar, whose website says it is a nonprofit organisation and covers costs with some of its digital currency holdings and donations.
Ethereum also enjoyed a 17.5 percent increase to a high of $908.12 but still only holds third place in the market capitalisation table.
Litecoin, a bitcoin fork also jumped by 14 percent to $261 and has a market capitalisation of $14billion giving it the position of sixth-largest cryptocurrency.