In the last week, Stellar cryptocurrency rose from 3.7 billion to more than 15.9 billion in market cap. This puts it in the 7th position among all other cryptocurrencies according to CoinMarketCap data. The price has also moved from $0.000014 to more than $0.8 in the same period.
Stellar rose by more than 65 percent since Friday and became one of the ten largest cryptocurrencies by market capitalization.
Stellar is on Bitcoin core protocol but is faster in processing transactions, allowing 2 to 5 seconds exchanges between fiat and crypto and exchanges between fiat money. Its currency is called lumens, or XLM.
IBM uses a Stellar network to facilitate cross-border payments with some large banks. Deloitte is also a partner.
Ripple XRP has also been on the rise since climbing 35,500 percent to $2.30 last year and overtook Ethereum to become second in market cap now with more than $145 billion worth. The price has reached above $3.7 as at the time of writing this article. The San Francisco-based startup works with financial institutions in South Korea and Japan to use Ripple’s XRP coin in facilitating global payments.
The two cryptos also share developer Jed McCaleb as a founder. He left Ripple in 2013 and now focuses on Stellar.
But for Ethereum, although it lost the second spot in market cap, has been impressive, crossing the $900 mark Tuesday and now trading at $961 as at the time of writing.