Stellar XLM Soars Following Coinbase Affirmation Over Interest On XLM Listing
The weekend has been hugely successful for bulls and crypto holders as the market attempts a recovery. As the weekend comes to an end, the mood is still bullish and most major coins are extending their gains. The recovery has seen bitcoin get back above $3,500 and this impressive recovery has pulled up altcoins. In the last 24 hours, most cryptocurrencies have soared by 2% to 10%.
The same bullish momentum is expected to extend as we begin the week and this could see coins set a higher resistance and support level.
Stellar XLM has also been moving up for the past 48 hours. At the time of press, Stellar is up by 4% and is trading slightly over $0.12. With a market cap of over $2.3 billion, Stellar is still ranked fourth in the market after overtaking Bitcoin Cash a couple of weeks ago. Although the coin is still a long way from overtaking Ethereum which has a market cap of over $9 billion, Stellar is still making progress and hoping to one day be a worthy competitor.
The bulls behind Stellar’s recent success have had a huge boost from Coinbase. After previously showing interest in listing Stellar on its platform, the crypto exchange has announced it is evaluating 31 new coins to list on the platform.
Among the coins going through examination by the exchange was Stellar. It now feels like Coinbase is closing down on listing Stellar an announcement that is being anxiously awaited by the holders.
Although the year has been fairly bearish for Stellar, should Coinbase succeed in listing it, we could see Stellar dramatically soar. This has previously been the case for BAT and Zcash after they were listed on the exchange an effect which has been termed “Coinbase effect”.
For now, we wait to see how far the coin rides on the hype that it could soon be an option on the exchange.
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