Stellar Lumens Winner Of the Week – Coin Continues Upward Trajectory

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Last Updated on 30 November 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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The past week saw a whiplash ending to the upswing of Bitcoin (and other altcoins) when Thanksgiving brought an early Black Friday sale for the cryptosphere. Just as Satoshi Nakamoto’s invention was about to touch it’s all-time-high near $20k, the coin sold off and dropped down to the $16k region. Along with it several altcoins lost some 20% and the newbies to the cryptosphere were introduced to some good old volatility.

There are still winner to be had though, and the biggest one remains Stellar Lumens (XLM). With some 82% growth in the price for it’s coin over the past week, it is the biggest gainer in CoinMarketCap’s top 100 over the past seven days, beating many altcoins in it’s path.

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Jed McCaleb

The coin, which was launched from a fork from the Ripple Labs protocol by developer Jed McCaleb (whom you may still know from the infamous Mt Gox, a legend among crypto fans), has been steadily climbing towards the top of the charts of CoinMarketCap and currently ranks 11th among all cryptos. Last week, at the height of it’s climb and just as all other coins were selling off, it ranked 8th very briefly, showing how quickly it could gain entry into the top 10 if needed.

As we’ve noted already, Stellar thanks this climb mainly to an upgrade and African expansion.

South America

Furthermore, Stellar’s blockchain is currently also supporting stablecoins that have launched in South America, another important developing market for the cryptosphere.

Thanks to a cooperation with Settle Network, Stellar now supports stablecoins based on the currencies of Argentina and Brazil. With more than 300 million inhabitants, Brazil is the largest country in that continent and a very important growth market.

The press release for the Settle network stated:

We are very happy to work together with the Stellar ecosystem to achieve such an important goal for users in Argentina and Brazil. This is the beginning of a massive adoption process in the whole region, and we want every user to be a part of it. We are actively integrating our stablecoins to multiple platforms.