Stellar (XLM) just got a much-needed shot in the arm. Shift Markets, the significant cryptocurrency exchange platform, has revealed details of a brand new collaboration with Lightyear. This will work to integrate XLM within the digital assets’ markets. Twitter passed along the news that every individual will now be able to gain access to XLM directly. There will no longer be the requirement for Lumen holders to first buy Bitcoin (BTC).
It means that the Stellar Lumen tokens have just become a truly independent concern. Additional advantages that this new relationship will provide XLM should boost the underlying price. It also vastly increases the possibilities that Stellar Lumen will be adopted by international banks.
Stellar Rises & The Overlooked Side of the Story for BTC
The flip side to this story is one that has been largely overlooked. What is good for Stellar in this case is also bad for cryptocurrency market leader BTC. The need to purchase Bitcoin has just been reduced by a significant margin. XLM’s considerable gain at the moment is Bitcoin’s loss.
Some analysts will argue it is good for everyone when an altcoin breaks free of the middle man BTC. It is positive for the altcoin in these cases. Whether it dramatically boosts the cryptocurrency space more than it hurts the cryptocurrency king is a matter for ongoing debate.
Consider how Bitcoin used to dominate the digital assets’ universe in a dramatic fashion. Furthermore, it is easy to forget that the original cryptocurrency has a ten year plus history. In the beginning there were no altcoins. Bitcoin had a 100% market share. Admittedly, it was a much smaller pie over which they had complete domination. As Bitcoin began to rise, competition inevitably emerged.
Enter the altcoins, especially Ethereum. Ethereum changed the cryptocurrency universe forever with its powerful innovation in smart contracts and superior blockchain technology. ETH deserves this legacy. Ethereum is the silver standard of the digital assets universe while Bitcoin clings to its title as the gold standard.
Ethereum has lost market share though. Once it was Bitcoin’s undisputed rival. Now ETH has competition for that title from a host of other cryptocurrencies, including derivatives and forks of itself. At least Bitcoin can laugh about it. The rival that helped to shrink its market share down to only 45% has suffered the same ironic fate.