Stellar (STR) and Ripple’s XRP continue to outperform, gaining over 20% during the past 24h.
The two cryptocurrencies, which are designed to support decentralized transfers for things like foreign currencies, do not originate from Bitcoin. They have stood out during a period of otherwise mediocre trading, with Bitcoin and its alts flat. Second generation cryptocurrencies have habitually abstained from following their bitcoin-derived counterparts in their price movements.
XRP is up by 23% to 2400 satoshi ($0.0085). Its total valuation ($252 million) is now double that of Litecoin ($120 million). Its price has now doubled in a span of 10 days, reaching its highest point since March.
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Rival Stellar (STR) has gained over 27% to 550 satoshi ($0.00195), its highest mark in about a month. After hovering near all-time highs in September, STR followed with a poor showing, losing as much as 70% of its bitcoin-based value until 5 days ago. Since then, it has surged nearly 90% to current levels. Such surges are not uncommon after an asset loses most of its value.
While STR’s performance over the past 3 months is nothing to be envious of, it has been good enough for STR to hang in the top 15 in market cap rank and more recently, quietly advance to 11th. Worth $7.4 million, it is within $1.5 million of Namecoin- long a staple in the upper echelons of market cap, not having fallen out of the top 10 in recent memory.
One can speculate that news of Justcoin’s return, facilitated by Hong Kong-based ANX, may have boosted the two currencies- both supported on the exchange. Conceptually, however, the currencies’ availability for trading should have no fundamental bearing on their valuation.