Over the weekend, Stellar was on fire. The price spiked significantly breaking the $0.27 support. While there wasn’t a lot of change in trading volume, the market of Stellar also hiked taking the cryptocurrency to the 5th position on CoinMarketCap’s list of largest cryptocurrency per market capitalization. This position was formerly held by EOS.
Why Did Stellar Rise Significantly?
As reported by smarttest.wpmudev.host, a giant wallet service provider, Blockchain, decided to host the largest airdrop in history on Stellar. The company has put aside $125 million in XLM to be given out freely to its customers. Just after the airdrop commenced, the price of XLM started to rise followed by the market capitalization. The $125 million airdrop was done specifically to increase awareness for Stellar and its XLM token. The plan seems to be working as reflected on the surge in market capitalization.
Stellar (XLM) Price Today – XLM / USD
The rise in the price and market capitalization of XLM is particularly noteworthy because many altcoins were shedding off their gains during this period. Peter Smith, the CEO of blockchain had this to say about the airdrop:
“We have shared our opinions about our airdrops in the past. These airdrops drive adoption to decentralized networks. We believe they are beneficial to the cryptocurrency user as well. We have decided to start our airdrops with Stellar because of the scalability of the network. Stellar has grown enough for mass adoption”.
Stellar Vs EOS
While EOS lost its position as the 5th largest cryptocurrency because Stellar experienced a surge, this isn’t the only reason behind the take over. EOS has been having some publicity crises that has drawn it back. This is why it’s no surprise that XLM has outmaneuvered EOS and taken its spot as the 5th largest cryptocurrency per market capitalization.
EOS Price Today – EOS / USD
This week, emerged agents executed power to reverse transactions that have already been confirmed on the EOS platform. This caused a lot of controversy for EOS. There is still a lot of noise on social media especially after an EOS account which had been phished moved funds without receiving permission from the owner. In a bid to settle the issue, EOS arbitrator decided to reverse the funds. What seemed like a good idea at the time only led to criticism of the ethics of the protocol.
This sort of centralization does not seat well with members of the cryptocurrency community. However, the CTO of EOS Foundation, Daniel Larimer, was asked if EOS would be inputting certain decentralized features. In response, he said that the current form of decentralization isn’t what EOS is after.
Stellar (XLM) And EOS (EOS) Price Analysis
At the time of writing, XLM was trading in red against the USD and against Bitcoin. It was $0.264152. This shows that it is down by 3.02% against the USD and down by 2.05% against Bitcoin. The trading volume over a 24 hour period is $79,519,466 while the market capitalization is $5,001,513,204. The fall in price was predicted as the initial surge wasn’t supported by trading volumes.
EOS, on the other hand, is trading at $5.33. This shows that it is down by 1.13% against the USD and down by 0.59% against Bitcoin. The trading volume for EOS within the past 24 hours is $654,011,114 while the market is $4,834,653,275.