In a recent report, Coin telegraph referred to the signing of a cooperation contract between Stellar and the Central Bank of Ukraine. The report says this contract caused the victory of Stellar over Ripple in the discussion of block-chain payment networks. Stellar prices have risen more than 50% in the last 24 hours.
According to market analysts and experts, the news of Stellar’s cooperation with the Ukrainian government and the weakening of Ripple’s position are among the factors behind the growth of this cryptocurrency.
The TIE data also shows that long-term feelings for Stellar are now more positive than XRP.
Stellar is a general infrastructure for payments. Stellar is a technology that facilitates the easy transfer of money between people, companies, and financial institutions. It means more access for people, lower costs for banks, and more income for businesses. Stellar block-chain based on cryptocurrency trading, which concentrates on payments, has grown to its highest level in two years. One analyst says the ascending is due to the bad luck of rival XRP cryptocurrencies and recent US OCC leadings on stable coins.
On January 6, 2020, Stellar was priced at $ 0.29 and ranked sixth in cryptocurrencies. Stellar’s market capitalization at this time is $ 13.58 billion.
What is the reason for the decrease in the price of Ripple?
The price of Ripple reduced by about 60% due to a lawsuit filed by the company and the US Securities and Exchange Commission (SEC). Ripple is indicted of selling unrecorded securities through the supply of XRP tokens.
TIE data on 5 January 2021, shows that the long-term sentiment index for Stellar is in the range of 70. This figure is below 70 for Ripple. We should say that this index was at its historical peak before the official announcement of the stock exchange commission’s complaint against Ripple.
What was the highest price of Stellar?
The signing of a cooperation agreement between the Ukrainian government and Stellar was one of the factors that accelerated the upward performance of this cryptocurrency. Under the agreement, Stellar and the Central Bank of Ukraine will work together to digitize Ukraine’s national currency.
The price of Stellar rose after the news broke and jumped 30% to $ 0.176 on Tuesday. It is the highest price of Stellar since November 2018. Last week, the number of Stellar transactions reached its highest level in history. Each Stellar unit is currently trading in the $ 0.26 range.
What is the subject of the agreement between the Ukrainian government and Stellar?
It is not yet clear how the Ukrainian government will use the stellar block-chain, But Stellar has confirmed in a statement that a payment system is an essential part of the cooperation agreement between Stellar and the Ukrainian government. The CEO of the Stellar Development Foundation (SDF) said in a press release:
We hope that the cooperation of the Ministry of Digital Transformation of Ukraine will be effective for the digitalization of the GRUNA (Ukrainian national currency) and the provision of Stellar-based tools and services to the people and businesses of Ukraine. [Also] we hope that there will be more opportunities for cooperation in Ukraine with the stellar ecosystem.
How has the price of cryptocurrencies grown?
Stellar can now be added to the list of quintals that have seen price spikes in recent weeks. So over the past few weeks, the price of many altcoins has risen by up to 40 percent.
Meanwhile, the price of Bitcoin broke its price records one after another in recent weeks. However, on 5th January 2021, we saw the price correct in Stellar. It reached the range of $ 27,700 in some exchanges. The value of each bitcoin unit is currently trading in the $ 35,000 range.