Stellar Lumens (XLM) Takes Top #5 Cryptocurrency Spot From EOS Token
Stellar Closes In On Cryptocurrency Fifth Place
The cryptocurrency markets are some of the most competitive in the entire world. Cryptocurrency companies seem to crop up nearly every day, and investors are quick to jump onto the bandwagon with hopes of quick profit and world-changing technologies. This has created a tough competition for the top spots, with the highest-earning and quickest-profiting cryptocurrencies gunning for a place at the top of the ever-growing dogpile.
XLM is one of the most up-and-coming cryptocurrencies of 2018. The Stellar coin (XLM) has a significant following in countries all over the world, and the Initial Coin Offering (ICO) fostered a massive amount of funding for the startup company Stellar. For a while, the organization’s coin has been trading at a moderate rate, retaining a spot in the top ten as the sixth most popular cryptocurrency—at least in terms of market cap.
Though market cap is not necessarily the only effective metric for measuring the success of a given currency, it is a good way to gauge the general interest associated with any particular cryptocurrency or blockchain startup company. In this respect, Stellar has been doing spectacularly. The coin recently jumped ahead of Litecoin, edging them out to gain the sixth place spot on July 19th of this year.
But the company didn’t stop there. According to experts, XLM is slowly making its way to the coveted fifth spot, attempting to slide in ahead of EOS, which is currently placed at the bottom of the top five list.
One factor that might drive the currency past the market cap for EOS is the rumors regarding a Coinbase listing. According to the world’s most popular exchange Coinbase on July 13th, the company is considering the listing of five new assets on their large platform. It is likely that these five coins, including four coins outside the top seven and Stellar, will materialize.
When this happens, there most likely will be an incredible price rise for XLM. Take, for a historical example, the false rumors that Coinbase might list Ripple (XRP). When the rumor cropped up last year, the price of Ripple skyrocketed to its all-time high of over USD $3.00 per unit. Though the prices eventually fell once again following the dispelling of the rumor by Coinbase, the mere mention of a Coinbase listing had a dramatic and positive effect on the price of the cryptocurrency.
If XLM were to be listed on Coinbase, there is little doubt that its price will shoot up significantly. EOS was not among the companies listed on the Coinbase announcement last month, meaning that they will not be able to witness similar price hikes following the listing of new cryptos on the Coinbase exchange.
Stellar is also rumored to have created a new partnership with the biggest social media giant in the world, Facebook. Though Facebook has denied the rumor that such a partnership is in the works, many within the cryptocurrency community continue to speculate that the two companies might begin working together in the near future.
If true, the rumor would most definitely help XLM to jump over EOS to secure a spot in the top five cryptocurrencies for market cap.
This partnership is not merely a rumor. IBM has been working with the Stellar foundation for a long time, and the partnership has already won a five-year agreement for blockchain technology development, a developmental process which is reportedly backed by the entirety of the Australian government.
Stellar (XLM) is a popular coin with popularity that continues to rise. With the significant amount of interest being generated by a variety of rumors and new partnerships, it is likely that the Stellar plan to take the fifth spot from EOS might be successful.