The cryptocurrency market at the turn of the new year has been experiencing a major boom, with new and established cryptocurrencies enjoying a massive boost in price and the value. Cryptocurrency like bitcoin and all other altcoins have been constantly enjoying a steady rise in price, and one crypto making headline this year is Stellar Lumen (XLM).
A Steady Rise
Stellar Lumen (XLM) has been enjoying a rather smooth run this year, with the coin experiencing more highs than lows in the cryptocurrency rating chart. The altcoin had been relatively quiet over the past few weeks, with minor gains, which is followed by major corrections in the market.
The coin currently pumping at an enormous rate of 9.71% in an hour, with a massive trade volume of well over $500 million in just over 24 hours.
The massive rate being experienced by the coin in 24 hours was recorded to be 10.20% and the market capitalization was hovering around $1.9 billion.
Stellar Lumens also enjoined a massive pull on BW.com, as it was the most traded on the exchange, where the trading pair of XLM/USDT pulled around $101 million in 24 hours trading volume, which was equivalent to around 20% of the market cap.
In the last 24 hours, XLM has consistently fallen in valuation, before recording the aforementioned figures in the market cap. The token was down to $0.086, before the hike took its valuation to $0.1001, as at press time.
Some analysts are of the opinion that the current pump currently experienced by XLM and other altcoins was surfacing due to the influence of bitcoin in the market, as BTC was witnessing a pump of 2.37% in an hour at the same time.
Although, some are of the opinion that XLM will soon undergo yet another price correction, after the current wave of prices.
The competition among the major and new tokens are always on the edge, as their founders and developers are always looking for ways to always outdo one another, in the ever-competitive market.
Bitcoin Exchange Guide reported earlier in the year that the leaders of both XLM and TRX collided, with McCaleb calling Tron, nothing but pure garbage, while Sun discarded the XLM founder, tagging him as an attention seeker and not worth the competition.
Jed McCaleb openly criticized Tron, telling newsmen that he has a particular distaste for projects that raise tons of money during their initial coin offering but can offer little or zero technical merit.
He stressed further by claiming that most of the available projects in the cryptocurrency market are garbage, and can only wish things will be different in the coming future.
Tron’s founder, Justin Sun also believes that the best way for small or little projects to come up is to attack established and great projects in the industry, stating that Stellar is not a competitor, considering its project low transaction volume, lack of decentralization and the massive lack of support for decentralized apps.
Author: Ogwu Emma