By Tuesday, stellar had a market cap of $10 billion as the eighth-largest digital currency, according to CoinMarketCap.
But unlike the popular digital currency, Stellar’s transactions settle in 2 to 5 seconds and allows users to quickly exchange government-backed currencies, such as turning U.S. dollars into euros, according to its website.
Like Stellar, Ripple’s focus is on payments. The San Francisco-based start-up is working with financial institutions in South Korea and Japan to use Ripple’s XRP coin.
The two companies also have the same founder: early cryptocurrency developer Jed McCaleb, who created the Mt.Gox bitcoin exchange.
McCaleb left Ripple in 2013 and sold Mt.Gox in 2011 to Mark Karpeles, under whom the exchange suffered a massive hack and eventually filed for bankruptcy.
Today, McCaleb is focused on Stellar, whose website says it operates as a nonprofit and covers operating costs with some of its digital currency holdings and donations.
Meanwhile, ethereum soared 17.5 percent to an all-time high Tuesday of $908.12, according to CoinMarketCap. But the digital currency remained in third place by market cap.
Litecoin jumped 14 percent to $261, about $100 below its record high hit in mid-December, according to CoinMarketCap.
Litecoin has a market cap of $14 billion as the sixth-largest digital currency.