Stellar (XLM) “Flippens” Bitcoin Cash (BCH), Achieves a Higher Ranking to Date
The recent sell-offs of crypto assets rearranged the dynamics in the top 10 coins by market capitalization.
Stellar (XLM) shot up once again, as the asset now ranks fourth by market capitalization, and displacing Bitcoin Cash (BCH) in the process. Events of a “flippening” sometimes show an anomaly, but this time, XLM once again showed its propensity to move against the rest of the assets. At the same time, BCH went through a period of price weakness.
XLM recovered to $0.16, up around 4.6% overnight, while BCH fell to $179.74. In the past weeks, XLM erased some of its value, but remained robust compared to other digital assets, usually in a pair with Ripple’s XRP. The invisible connection between the two assets reflects the similar nature of the projects, which use a series of trusted servers to verify the coins.
The Stellar platform has so far seen only one major ICO, Mobius (MOBI), which started trading around $0.30, but slid to the current lows near $0.02. At the same time, the Stellar network is seeing institutional adoption, boosted by IBM research. Additionally, the Kin project by the Kik app will migrate its assets to the Stellar network.
However, there is no guarantee the XLM price would remain stable. XLM has performed against the markets in the past, but then reversed the rallies.
Recently, XLM also saw an attempt to frighten investors by issuing mystifying transactions of a vast amount of XLM. The odd transactions were noted by Jackson Palmer, founder of DogeCoin, who is also presenting digital currencies in a mildly skeptical way.
Later, Palmer admitted the transaction was most probably a prank, which uses a feature on the Stellar wallet allowing a user to create unlimited transactions to himself, without moving coins.
The XLM trading profile is a unique balance of inflows of Korean Won, support from Tether (USDT) and a pairing with Bitcoin (BTC). The relatively stable price of XLM is due to spikes in Satoshi prices, as well as direct USDT and Korean Won speculation.
Additionally, XLM may benefit from the expanded market against stablecoins on Binance. XLM/PAX is one of the pairs added from November 29 on the exchange, allowing for a differentiated source of trading through one of the asset-backed, dollar-pegged stablecoins.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.