As 2018 kicked off, Stellar has emerged as one of the hottest crypto currencies. The surge of Stellar is spectacular; it has risen by more than 65 percent since it started trading on Friday, and has surged 900 percent since December 1, 2017.
At the time of writing, Stellar had a market cap of over $11 billion as the seventh most valuable crypto currency, according to the CoinMarketCap website. In the last 24 hours of trading, the value of Stellar has increased by 30 percent.
The crypto currency is the latest to pick speculative attention amid a downtrend in the industry and losses to the established crypto currencies. However, almost every alt coin registered a positive change in the last day of trading barring few.
Stellar runs on a blockchain technology behind the largest digital currency, Bitcoin. However, it has a short transaction time compared to the popular digital currency – with transactions taking no longer than 5 seconds. Stellar's coins are officially known as lumens, or XLM.
Stellar is expected to emulate Ripple. The similarities have been drawn between the two since the two companies have the same founder and use the same technology. And, of course, Ripple has crossed the market cap of $100 billion to prove it can work on a global scale.
Ripple, or XRP, has experienced a dramatic spike in value in the last few days. According to the data on CoinMarketCap, the second most valuable digital currency has recorded 16.61 percent gains over the previous 24 hours, and is trading at $2.64 at the moment.
Bitcoin, the largest crypto, too has gained 14.24 percent in the previous 24 hours. However, the digital currency’s dominance has fallen to 36 percent. It is currently trading at $15,323.
Meanwhile, Ethereum gained 17.5 percent to reach an all-time high of $913 on Tuesday. However, the digital currency remained in third place by market cap.