Although the international money management service token is down 5.29 percent at time of writing, following this week’s market-wide downtrend, the coin has shown remarkable gains this month.
CoinMarketCap currently ranks Stellar at number six out of all cryptocurrencies, in terms of market cap with one XLM token fetching, on average, $0.268585.
At the beginning of the month, CoinMarketCap shows that XLM tokens were going for a rate of roughly $0.193 a pop so that’s tremendous movement, challenging even the likes of Bitcoin (BTC).
BTC, by all accounts, had a bullish month, going from around $6,000 to more than $9,000 before dipping back below $8,000 in the last week or two but while many altcoins remained bearish during this period, Stellar was one of the very few to rival Bitcoin in gains.
Coinbase takes note
Now, XLM’s movements haven’t gone unnoticed; according to reports, the little coin with the big heart has managed to attract the attention of major U.S. crypto exchange Coinbase.
See below for Coinbase’s recent blog post re taking on new coins:
“Today we are announcing that we’re exploring the addition of the following assets to Coinbase:
- Cardano (ADA)
- Basic Attention Token (BAT)
- Stellar Lumens (XLM)
- Zcash (ZEC)
- 0x (ZRX)
We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.
Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.
Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.
We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses.
Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.
As part of the exploratory process, customers may see public-facing APIs and other signs that we are conducting engineering work to support these assets.
While we cannot commit to when or whether these assets will become available at this time, we will provide updates to our customers about the process and what they can expect via the Coinbase blog and Twitter.
Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.”
Given Coinbase’s announcement along with the news, last month, of Kik’s (the U.S. messaging giant) planned utilisation of Stellar’s innovative network, XLM token might well be one to watch, going forward.
Although, as always, invest at your own risk as there are no guarantees in crypto-land...