The Ripple (XRP) and Lumens (XLM) reaching new heights
Today has been another great day for players in the cryptocurrency space as the market once again proved critics wrong by taking an upturn. The market segment short up from $566 billion during the morning hours to close the day at over $600 billion.
However, some players had a better trading day than others, and none had it as well as Ripple (XRP).
The coin, which is the third largest player within the cryptocurrency space came in second, if only for a short while, during the course of the day. The coin’s price rose by over 30% to set a new all-time high of $2, during which period it surpassed Ethereum and was second with a market capitalization of $77 billion. During the day, the race for second place was tight and marred by high volatility in prices, however, Ripple closed the day in the third position.
Till now, Ripple has been doing rounds within the cryptocurrency space. The currency which has been adopted by large institutions has been basking in the glory of high valuations during the 2017 period. This is courtesy of the four-second settlement time, a record high as compared to the two minutes and over one hour taken by Ethereum and Bitcoin respectively.
Currently, Ripple has not only been accepted by hundreds of institutions but also by some South Korean and Japanese banks which are currently testing the system for cross-border payments. Management at Ripple expect the share price to keep going up as we head into 2018.
This, however, was not the only mover in the market. Stellar Lumens (XLM) also risen nearly 30% during the day. The currency which has been taken as an exemplar of efficiency in the global fund transfer system has also become a significant player in the cryptocurrency space.
It begun the day trading at $.21 and closed at $.29, a 30% jump in their price. Though the reason for this jump is difficult to pinpoint, the segment it operates in is an indicator that their value proposition, earlier defined, has been bought by the market. As such, with this in mind, it is easy to conclude that Stellar Lumens will soon be taking the global fund transfer segment of the market by storm.
The cryptocurrency space is growing at a rapid rate. Despite the dominance of Bitcoin (with a market capitalization of nearly $250 billion and a 41.2 dominance over the market) to date, other cryptocurrencies are coming into play. Moreover, the diverse nature of business segments as well as needs within the market have created the need for tailor-made solutions which other cryptocurrencies have come to solve.