Stellar (XLM) Topples EOS to Become the Fifth Largest Cryptocurrency with No Signs of Slowing Down
Stellar (XLM) was able to enter the top 5 cryptocurrencies according to their market capitalization. After growing during the last months and with a very weak performance of EOS, the fifth position is currently taken by XLM.
This can be seen in CoinMarketCap’s ranking. Stellar currently has a market capitalization of over $5 billion dollars and each XLM token can be purchased for $0.26 dollars. Instead, EOS has a market capitalization of $4.85 billion dollars and each coin can be purchased for $5.36 dollars.
There are some things that allowed Stellar to grow and increase its presence in the cryptocurrency market. Coinbase announced a few months ago that it was exploring different virtual currencies. Stellar Lumens was among the digital assets mentioned by the company.
At the same time, Stellar has recently started a giveaway campaign with the crypto wallet provider Blockchain. The giveaway was worth $125 million dollars.
Peter Smith, CEO of Blockchain, commented about this:
“We’ve already shared our thoughts on how Blockchain Airdrops are a great way for crypto creators to drive decentralization and adoption for new networks. We think they’re great for crypto users too. […] We’re starting with Stellar because its network is built for scalability.”
Moreover, EOS lost its position because of some issues with its governability structure and policies. Additionally, EOS faced some controversy after agents had the power to reverse transactions that were already confirmed on the network. This has led to criticism of the protocol’s ethics and how they manage the decisions of the network.
The growing interest for Stellar has also grown in different trading platforms such as Binance. For some time, XLM registered a higher trading volume than XRP a direct competitor for XLM. Furthermore, XRP is also the third largest virtual currency in terms of market capitalization with $21 billion dollars. Bitcoin (BTC) and Ethereum (ETH) are above XRP. However, Ethereum has just a few million dollars more than XRP.
In the future, the XLM community can continue to push its price up. If Coinbase finally lists this virtual currency, the price could grow even further. In terms of BTC, Stellar remained stable during this year. Compared to US dollars, in November, the virtual currency grew 27%, from $0.22 dollars to $0.28 dollars.
In the last 24 hours, Stellar Lumens lost 2.63% of its price.