Stellar Lumens (XLM) has reached the fifth position in the cryptocurrency market. According to its market capitalization, XLM is the fifth largest cryptocurrency. Its market cap at the time of writing is $4.62 billion dollars. XLM surpassed the popular platform EOS that occupied the position for several months.
Stellar Lumens Reaches the Fifth Position
After several months operating relatively stable compared to BTC, XLM was able to reach the fifth place in the market. Although the virtual currency market experienced a negative trend during the current year, Stellar was able to scale positions in the crypto world.
During the last weeks, XLM registered an increased trading volume. According to CoinMarketCap, the virtual currency registered peaks of $113 million dollars transacted compared to $35-40 million dollars usually moved.
One of the main factors for Stellar to start increasing in price is related to a very important announcement. Coinbase, one of the largest and most popular cryptocurrency platforms announced in July that it was exploring the addition of several virtual currencies. Among these digital assets was Stellar Lumens (XLM). At that time, XLM registered a price increase of 88% in just a few days.
Since Coinbase’s announcement, two virtual currencies were added to its platform, 0x (ZRX) and Basic Attention Token (BAT). There are just a few virtual currencies that could be added next, and Stellar can be one of them. This is why investors are speculating with the price of this virtual currency once it gets listed in Coinbase and Coinbase Pro.
There is another important thing to mention about Stellar. The XLM community has experienced the largest airdrop ever conducted by a crypto company. $125 million dollars worth of XLM has been released to the market. The main intention was to draw attention from the crypto community. Currently, each XLM token can be purchased for $0.24 dollars.
Furthermore, Stellar’s price increase is not the only reason why it is currently in the fifth position in the market. EOS has also played an important role. During the last months, several issues arose in the EOS community. Its mainnet launch generated a lot of interest from the crypto community. Nevertheless, the governability structure implemented by the platform did not provide the promised results.
EOS is now the sixth largest cryptocurrency with a market capitalization of $4.44 billion dollars. Each EOS token can be bought for less than $5 dollars.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
