This week has seen major top-placed and mid place altcoins make a case for the top spot in the digital asset market cap ranking. Altcoins are generally having a swell time in the digital asset market, which has seen various altcoins enter the top spot in the market.
One out of the most altcoins that have impressed so far is Stellar, with the digital asset making use of the recent bullish run to enter the top 10 due to an increase in its market cap. Currently, Stellar has displaced several tokens and digital assets in the crypto market to push to 9th position, edging out famous competitor Chainlink, which is presently in 10th position.
Stellar now in 9th spot on CoinMarketCap
Looking at the famous crypto assets ranging platform, CoinMarketCap, one would notice the movement pattern and Stellar’s rising rate across many weeks. Stellar’s good weeks in the crypto market cannot be overemphasized as the digital asset witnessed one of the biggest bull runs in crypto history to cap off a 170% gain around last week.
With the digital asset making such a huge rise, experts and analysts have noted that its momentum in the crypto market came shortly after the United States Securities and Exchange Commission announced that it would sue remittance coin company Ripple to court over hosting and sales of unregistered securities across the years since 2013.
Earlier, many believed that Stellar might be the next point of contact for the SEC because it has so much in common with XRP, a move that led the coin to slip down the market. Stellar reacted to the news negatively after several market movements, which saw the digital asset crash to an all-time low of $0.11. However, the coin continued to move up to the $0.13 price region before the good news tipped the scale in favor of the coin.
Ukrainian government plans to build CBDC on the stellar blockchain
The Ukrainian government announced some weeks back that it would build its CBDC on the Stellar network, which gave the coin the much-needed momentum to make the bill run. With the news coming in handy, Stellar has recorded an all-time high record of $0.48 that has not been seen since the last two years. The digital asset has recently registered a move of about 220% and 280% since the Ukrainian government announcement and the December 23 dip events took place.
With the recent bullish run that has been recorded by Stellar, the digital asset is presently trading around $0.30, recording a slight increase more than the XRP. As it looks now, major entities are currently looking to Stellar, and it is coming at a time that the developers of the digital said there were in talks with several countries overusing the coin for their CBDCs. Although talks are presently not at an advanced stage, the move will surely give Stellar an edge over XRP, which means that the SEC or any other government agency would not be able to go after the developers of the asset.