The bear market is taking its toll on most cryptocurrencies in the market and few tokens are managing to swim in the current downstream digital business. In this, we are looking to see whether the Stellar protocol is drowning or is managing to stay afloat.
At the beginning of the year, Stellar was sitting as the eighth most valued cryptocurrency by market cap on January 7th and was trading at a value of $0.709513 USD. In January, it was totaling a market cap of $12,666,677,496 USD.
Moving ahead to the present, Stellar is positioned as the sixth most valuable cryptocurrency and is trading for $0.217977 USD, with a total market cap of $4,091,818,318 USD.
To put it in statistical form, the network has lost some 70% of its trading value over the past eight months, while its market cap has similarly diminished by approximately 68%.
At its height on 12th February, the Stellar network saw around 1325 224 XLM transacted daily and it hit its lowest point saw on February 26th, which saw only it reach just shy of 60 000 XLM transacted.
The network’s next high point of approximately 433 000 XLM shifted hands on 6th August.
The network has recently received a Shari’a certificate – an official document which could open up new territories in several Middle Eastern countries in which the Stellar platform can operate – marking Stellar as the first cryptocurrency protocol to obtain the certificate.
“Islamic financial institutions in the Gulf Collaboration Council (i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and parts of Southeast Asia (e.g. Indonesia and Malaysia) will now be able to integrate Stellar technology in their Sharia-compliant product and service offerings.”
TransferTo has also recently partnered up with Stellar which could also lead to new opportunities for the network. With the cryptocurrency platform, the payments processor hopes to bring a new innovative response to costs and distance using blockchain technology to its some 200 operational partners.
Stellar has potentially been in communications regarding the acquisition of companies such as San-Francisco start-up Chain. With the cryptocurrency hoping to consolidate blockchain technology with financial systems, the strategy seems to be aligned with Chain’s vision which could result in a well-paired partnership.
Despite the rumors, Facebook will not be teaming up with Stellar in order to bring blockchain to the social media platform. According to Facebook representatives, they “are not engaged in any discussions with Stellar, and [they] are not considering building on their technology”.
To the moon?
With the markets being in the current space they are in, it is difficult to gauge how altcoins will perform. If we take a look only at the last month, Stellar has taken a bit of a nosedive in the markets and has not been able to pull up since the subsequent decline following its recent peak on July 26th.
At press time, Stellar trades at $0.217977 USD.