Stellar (XLM) Sails Past Tron (TRX) by Coin Market Cap with Skyrocketing IBM Partnership News
This week, news broke that IBM has partnered with Stellar and as a result of that partnership, Stellar’s native token, XLM, has risen on the CMC to reclaim the 8th position from TRON after its price increased by 35 percent since the news broke.
When XLM first saw the rise in its position on the CLM, some on social media began speculation that perhaps it could even surpass Ripple on the market. However, this has not been the case, mostly because Ripple was able to secure over 200 banks as partners in 2018 and thus, would be very difficult to beat.
Fighting The TRON
What is impressive, however, was their dethroning of TRON from the 8th position as TRON recently signed a memorandum of association with a South Korean game maker to enter the gaming industry and has overall, been very aggressive in their strategy, entering the top 10 only a few months ago and just being on-boarded into BitGo’s roster.
“This partnership with BitGo will let institutional investors trade TRX with the confidence,”
Said Justin Sun, founder of TRON and CEO of BitTorrent.
“As TRON and its subsidiary BitTorrent work toward our vision of creating a new internet economy that is fast, secure, and cost-effective, we need to work with the companies that can provide that secure foundation. With BitGo, TRX investors will have the most secure wallet and custody options.”
TRON supporters are also convinced that this drop to the 9th position will only be temporary due to its acquisition of BitTorrent, one of the world’s most popular torrent sites. Since the acquisition took place, TRON has been heavily pushing the BTT token and so far, it has found success in getting listed on several exchanges and should it continue on this route, BTT will become a force to be reckoned with.
One currency that has shown great promise in the last few weeks is Ethereum, which has seen a 36 percent increase in value since February began and is not in the second spot.
One of the reasons for its current bull run is the anticipation that has been building for it’s Constantinople hard fork that will take place before the end of the month after being initially postponed.
Ahead of the hard fork, millions worth of the token was transferred to a wallet that is now the 53rd richest in the world.