Market Cap of Stellar Lumens Increase as Price Spikes
On Jan 12, 2021
Stellar Lumen (XLM) positions itself in 9th place at market capitalization. The price spike is a reason for the highest market capitalization.
The recent price increase affected the market capitalization of Stellar Lumens. The price of XLM soared with the overall cryptocurrency market. It began on January 3rd with a $0.12 and went up to $0.41 on January 6th. During this period, the market capitalization of XLM went up from 14th place to 9th ranking according to CoinMarketCap. Since then, XLM is successful at keeping its place. At the time of writing, the price of XLM was $0.29, and the market capitalization was $6391 million. XLM displayed a 7% increase during the day.
Why Did the Price of XLM Increase?
There is quite a competition in providing blockchain solutions for organizations and companies. We know that Ripple also wants to promote central bank digital currency (CBDC) projects at banks. However, Stellar came into the spotlight in recent days. Stellar partnered with some banks to settle cryptocurrency projects. The partnership with the East-African b2b payment platform called ClickPesa in November. Also, Stellar was chosen as a partner by the German Bank Bankhaus von der Heydt to create euro stablecoin. Additionally, the Ukrainian government has chosen Steller to create CBDC. All these projects add significant value to XLM. Also, it can be interpreted as a win of XLM over XRP. In the context of rising prices for XLM, SEC shock XRP and it went down.
The future for XLM seems bright if something unusual happens. It can break its all-time high in the following months.
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