As the cryptocurrency markets continue to evolve, it appears only coins and tokens with real world uses cases are going to survive. Ethereum (ETH) latest price beating in the last three days is a clear case of shifting interest to platforms that offers superior services and Stellar (XLM) is poised to be the beneficiary of the current ICO migration from the once smart contract preferred network.
The ongoing Ethereum price free fall has been blamed on lack of ICO confidence on the network and the cashing out casts doubts of its future. This will see Stellar become the ICO and Dapp hub in the coming months. Stellar(XLM) briefly entered the top 5 rank two days ago when the ETH price dropped to this year’s low of $258 posing a big threat to the smart contract hub.
Stellar Going for the Kill
For the last one year, Stellar has been on a development spree and the project support has been very consistent. With XLM addition to the Coinbase exchange in the offing, increased visibility is a huge ETH threat. The new breed of investor is looking to settle on a coin that is safe, stable and has unlimited options like Stellar.
Ethereum could have been IBM’s natural choice but opted for Stellar. This confidence has seen the tech giant get hold of 9 nodes to ease international transactions for its partners spread across the globe. This deal has seen the coin embraced by several central banks of repute. In addition, a carbon tokenization project and the stable coin initiative are all riding on Stellar.
Ethereum has been unable to convince governments to build on its blockchain; a feat Stellar has been able to a chive with ease thanks to the IBM goodwill. The tech giant is working with the Australian govern to come up with blockchain based solutions and the Stellar outfit will benefit immensely in the adoption front.
Stellar Adding to Ethereum Woes
Blockchain adopters are spoiled for choice today compared to a year ago. Advanced platforms seem to be having a field day and Ethereum lack of development enthusiasm has been exposed by the competition popularity. Flaws in smart contracts and slow transactions speeds are some of the issues that are making investors turn their attention to Stellar.
During the ICO boom last year and beginingof2017, ETH was the preferred funding coin and demand was incredible. This led to increased ETH value since the platform was the natural choice and with the current network bottlenecks, things are not the same and Stellar and Zilliqa are some outfits that are eating into the Ethereum market and killing it bit by bit.
With the original ICO incubator faced with security threats, no one is willing to risk their investment making Stellar the trending project to stake up on. With better smart contract structure and real world use cases Lumens’ future is bright. This will translate to value and price growth, rather than hype generated appreciation that many digital assets thrive on at the backdrop of increased competition.
Stellar (XLM) Price Still Unstable
After a slight price surge on August 15, Stellar (XLM) price appears to take a cue from the plummeting price trends being experienced across the entire crypto verse. The last 24-hour trading session has seen the coin shed 5.40% against the dollar to trade at $0.212411.
Despite the market slump, XLM has been able to hold on to the $0.185 support zone with signs of increased demand. This could usher in a breakout that will grow the price to the $0.33 threshold and short-term holding is set to yield better returns.