Stellar has surprised many of us in recent weeks, as it is now making many investors excited to see where it could go.
The exciting possibilities for Stellar are endless. Most of the excitement has gone to ‘high-speed hares’ like Tron and EOS, whilst Lumens (XLM) have been lumbering along like a tortoise.
When looking at the success from Ripple Labs and the XRP token, it seemed to have been destroying any chance that Stellar could have to catch up. However, with the market sentiment turning against XRP, it could be a crucial factor in the ultimate success of Lumens.
In the past month of July, Stellar has made a huge impact on investors and crypto fanatics alike. As we write this, the Lumens token has surpassed Litecoin into sixth place by the market cap and it is only SIX cents away from being in the top five. Not only that, but the priced has surged 13% in only one day! This has outperformed the howl market, several times over.
To put this into perspective, if Stellar was a normal company in the stock market, this week would have made their YEAR a very good one.
Government go ahead
While Stellar’s biggest competitor and Ripple’s flagship cryptocurrency, XRP, is still remaining in ‘regulatory quicksand’, the Stellar protocol has received multiple consecutive green lights in a row.
The leading OTC market, ItBit has received its BitLicense from the State of New York and Stellar Lumens was one of the currencies which was given the go ahead. However, this doesn’t necessarily mean that the road is clear for Stellar just yet. Nevertheless, being granted one of the most often-sought regulatory permissions, is sure to put confidence back into the investors.
The Stellar protocol is aiming to facilitate transactions in any currency (Dollars, Euros, Bitcoin etc.) despite it usually being related to Lumens. The protocol has introduced multiple new tokens and ICOs, some of which has been covered before.
The first stablecoin on the Stellar blockchain is the latest headliner, Stronghold USD. Now stablecoins aren’t anything new however, with the addition of a verifiably dollar-backed token, supporting IBM, this is a big sign of credibility.
As we all know, the market is unpredictable and so none of this means that Stellar nor Lumens could end up as winners. the markets move on rumours however, if Stellar can keep up its pace, whilst the other cryptos are still catching up, the future for Lumens could be a bright one.
Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.