Stellar’s price has soared in the past few days, giving this digital currency a market capitalization of over $15.7 billion, and making it the sixth largest crypto-currency by size.
This followed Ripple’s recent strong rise by over 25 percent since the beginning of the year. Stellar was founded by ripple co-founder Jed McCaleb and is very similar to ripple. Stellar and Ripple both focus on providing efficient cross-border payments, with transactions settling in seconds – much faster than bitcoin transactions which can take an hour or more. Both stellar and ripple have benefited from sharply rising bitcoin fees, since both are optimized for fast and cheap transactions.
Another new entry in the top 10 of digital currencies by market capitalization is Tron. Tron (TRX) began trading in September 2017 at a tenth of a cent. However, earlier this week it climbed to over 20 cents. As a result, Tron has currently a market capitalization of $13.5 billion, behind Stellar and above Litecoin.
Tron’s blockchain-based platform was developed for monetizing digital entertainment.
William Mougayar, organizer of the Token Summit conferences, commented: “We are seeing the beginnings of renewed speculative fever driven by fears of missing out on the big gains that have recently happened in the crypto space. Although there were some cryptocurrencies that were under-valued a month ago, and they deserved the run-up, things are getting a little over-heated right now”.