ForexMinute.com – If figures available at CoinMarketCap.com are to be believed, nonprofit cryptocurrency Stellar has outperformed itself by surging over 40% in the last 24 hours. In the process, the coin has also entered the prestigious top-ten-cryptocurrency club, based on overall market cap.
The part-Bitcoin-part-Ripple descendant was launched by Jed McCaleb – former partner of Ripple Labs and Mt. Gox – with the aim to resolve the technical issues users face in both the currencies. 95% of Stellar’s total market cap was distributed for free among early adopters, nonprofit organizations, gateways, etc. Considering that a fair distribution took place at that point of time, one can rule out the possibility of manipulative pumping in Stellar’s upward movement over the last 24 hours, as there won’t be any single hand holding a huge chunk of its units to possibly drive the market on his fingertips.
Stellar though have had its ills in terms of distribution – an unintentional mistake which granted one user more than 2 million STR in just 24 hours. The amount was a hundred times more than the number that were allotted to each receiver during the early giveaway. But since then, there have been no incidence reported that could tarnish McCaleb and the crew as trustworthy developers. The coin’s popularity is gradually picking up, so does its price and market cap.
The question now is that how long Stellar can sustain its position among the top ten cryptocurrencies. This time, its community would really need to focus on creating an environment which could attract more users as well. The focus now should be on holding onto your coins and move towards grand adoption, something which Stellar’s counterparts – Ripple, NXT and BitShares – are smoothly doing.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org