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New cryptocurrency STELLAR enjoys strong start to 2018 with 65% increases

LAST year could easily been seen as the year of cryptocurrencies, but one late arrival has now entered the party.


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Stellar has had a great start to 2018 as it has risen by 65 percent since Friday

Stellar has had a great start to 2018 as it has risen by 65 percent since Friday and has now received a place in the top 10 cryptocurrencies ranked by market capitalisation. 

It currently holds a market capitalisation of $10billion. Market capitalisation refers to the total dollar market value of a company's outstanding shares.

Stellar’s transactions take only two to five seconds and allows users to quickly exchange government-backed currencies, like turning US dollars in to euros.

Stellar coins are officially called lumens or XLM. 

IBM, the computer manufacturing company is using Stellar’s network in order to develop a cross-border payments system. Deloitte, the consulting firm, is also a partner.

As bitcoin’s price has been shaky over the past two weeks other cryptocurrencies have been making a name for themselves. Both stellar and ripple would be placed in this camp. Still, bitcoin enjoyed good news today as Peter Thiel who runs Founders Fund, a PayPal co-founder and early Facebook investor, has bought millions of dollars in bitcoin.

The two cryptocurrencies share the same founder, Jed McCaleb. Mr McCaleb also created Mt.Gox, a bitcoin exchange in Tokyo that was founded in 2010. He sold Mt. Got in 2011 to Mark Karpeles who suffered from a massive hack and the company filed for bankruptcy in 2014. 

Today, Mr McCaleb is fully focused on stellar, whose website says it is a nonprofit organisation and covers costs with some of its digital currency holdings and donations. 

Ethereum also enjoyed a 17.5 percent increase to a high of $908.12 but still only holds third place in the market capitalisation table. 

Litecoin, a bitcoin fork also jumped by 14 percent to $261 and has a market capitalisation of $14billion giving it the position of sixth-largest cryptocurrency. 

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