An exciting cryptocurrency called Stellar has seen some monumental performance in recent weeks, dwarfing the performances of the heavy hitters Bitcoin, Ripple and Ethereum on cryptocurrency markets.
Since the beginning of 2017, the trade value of Stellar’s Lumen (XLM) has seen a remarkable surge of more than 29,000%, with its most significant leaps coming in January 2018. Its total market cap currently exceeds $11 billion, cementing it as the sixth biggest cryptocurrency and one of the most rapidly growing.
Stellar is an offshoot of Ripple (XRP), and it is catching the eye of many experts and enthusiasts in the financial world, forging partnerships with numerous established businesses as it continues to grow.
The Stellar background
Ripple co-founder Jed McCaleb and ex-lawyer Joyce Kim founded Stellar in 2014 with the aim of offering an open-source network to allow the transfer of capital across borders quickly and cheaply. McCaleb left Ripple in the wake of some ugly disputes, and there is still significant contempt between the two parties.
In its own words, Stellar describes its technology as a “distributed, hybrid” blockchain that embraces its open-source foundation. The Stellar Network aims to provide a transparent, open global network for finance where all parties involved in transactions “have equal access and economic participation”.
Why the surge in growth?
Stellar has seen giant single surges in growth as adoption of the technology has been confirmed by large corporations. For example, in mid-January 2018, online payment company Stripe announced it may add support for Stellar Lumens. This came after it turned its back on bitcoin, blaming slow transaction speeds and excessive fees.
It is expected that awareness of the smooth, inexpensive nature of the Stellar take on networking and transactions will continue to increase. As more notable companies continue to adopt the technology, the value can only continue its recent surges, as the bubble continues to burst around older cryptocurrencies like bitcoin.
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