Though it may seem that the list of top-5 cryptocurrencies is quite a stable one, it is not so. The closest altcoins still have a chance to join it, replacing its rivals, and Stellar Lumens or XLM has proven that it is really possible, as it has managed to overtake EOS becoming the fifth-largest cryptocurrency in the world in terms of market cap.
According to analysts, high volatility has a very significant impact on the XLM market which can also be seen from the trade volume.
This week the trade volume of XLM has reached $113.4 million which is an incredible increase over a seven-day time period. Nevertheless, now this indicator is lower and now it is $77.8 million.
The market cap of XLM has exceeded the $5 billion mark and even managed to grow up to $5.39 billion. But the market cap has faced a correction later and at the press time it amounts to a little bit more than $5 billion. At the current moment, XLM is traded for $0.2644.
As for EOS, its market cap has fallen below the $5 billion line. Now it equals to about $4.85 billion.
Factors Leading to Strengthening of XLM’s Positions
Those who are interested in the cryptocurrency market know for sure that this market is very vulnerable to different factors. The situation under consideration is not an exception. We can define three main factor that have resulted in Stellar’s victory over EOS.
Recently, one of the most well-known and influential crypto trading platforms in the world, Coinbase, has announced adding of several new assets to its platform. The list of the new assets includes such coins as Cardano (ADA), Basic Attention Token (BAT), Zcash (ZEC), Ox (ZRX) and Stellar Lumens (XLM) is also among of them. This annoujcement has resulted in a significant growth of interest in XLM from the side of traders.
The second influencing factor was the announcement of XLM’s air-drop in partnership with Blockchain. According to the information revealed, it will be the largest air-drop in the crypto history.
The total of $125 million worth of XLM will be released as a give away. The campaign was designed to draw attention to cryptocurrency in a rather generic meaning among the wider audience, nevertheless, XLM has managed to profit practically immediately.
But there is one more reason of Stellar’s success that has no direct connection to it but that has allowed it to join the list of top-5 cryptocurrencies. The volume of EOS cryptocurrency has been seriously affected by the news about fake EOS wallet on Google Play.
The crypto market is known to be very changeable and volatile and though now Stellar has won a competition with EOS, it is really impossible to say whether it will manage to hold its positions in the future.