The competition within the cryptocurrency market is dramatically
increasing as more and more digital currencies are being introduced into the
crypto verse. If you are well-posted with cryptocurrency
news then you must be aware that there are over 1500
cryptocurrencies striving for a generous market capitalization. In addition,
every month new ICOs are being legitimized as individual cryptocurrencies. In
these situations, each coin has to represent some unique or distinct attributes
that gives it the ability to stand out in a crowd and earn a decent price in
the crypto market. One such coin is Stellar Lumens.
What Is Stellar
Lumens?
Launched into the market in 2014, Stellar is an open-source
blockchain platform that allows us to make reliable and immediate transactions.
The sole purpose behind its existence is to provide a smooth gateway for
exchanging currency. This is possible thanks to the Stellar network, which
consists of various servers across the world that power its ledger.
Transactions are recorded in this ledger to provide transparency. On the side,
the servers correlate information between themselves in order to sync the
ledger and validate every transaction on the network.
Due to its efficient global network and cross-border payments that
are not only incredibly cheap but quick as well, Stellar’s native coin Lumens
(XLM) are gaining immense popularity. Basically, you are paying no more than a
fraction of a cent to send money to anyone across the border in another
currency.
While its effective transaction service is adequate to earn
Stellar Lumens a praiseworthy spot on CoinMarketCap, the cryptocurrency has
backed up its position by partnering with a few major companies like KickEx and
IBM who have handsomely contributed to Stellar’s cross-border payment system.
Likewise, Stellar has 37 other partners worldwide, from North America,
Asia-Pacific, Africa, Europe and the Persian Gulf. This has led the
cryptocurrency to receive immense exposure further resulting in more popularity
and circulation.
The digital currency had experienced substantial increase i.e. 65%
towards the end of 2017, which placed it in the list of top ten
cryptocurrencies.
Current Scenario of
Stellar Lumens
At the moment, Stellar Lumens is standing strong at the seventh
position on CoinMarketCap.com with a market cap of over $5 billion. As of now,
March 14, XLM is valued at $0.274532. Since crypto
prices are very high for Bitcoin and other altcoins, those
interested in cryptocurrencies are having major fear of missing out for not
investing at an earlier stage when they were affordable. This is a very
enticing price for entry-level cryptocurrency users and early stage startups
looking to make investments in the cryptocurrency industry.
In spite of the highly volatile nature of the cryptocurrency
market, the above-mentioned highlights and benefits offered by Stellar Lumens
are enough for it to stand solid at its position in the market and progress
even higher. If this virtual currency continues with the same pattern in 2018
then the idea of becoming the next “Crypto-giant” won’t seem so far-fetched
after all.
