The Stellar price (XLM/USD) has hit its highest level in two months following news about Coinbase Pro listing.
Following an underwhelming morning session on Wednesday, the seventh-largest digital currency on the market received a big boost in the afternoon that allowed its price to move within striking distance of the $0.11 mark.
The afternoon rally was likely triggered by news that Coinbase, the largest US digital currency exchange, is listing Stellar on its professional crypto trading platform. The first phase of the launch, during which users will be allowed only to transfer XLM tokens to their tokens, started yesterday, at 21:00 GMT. As per Coinbase’s process for listing new crypto assets, order books will be in transfer-only mode for approximately 12 hours.
“Once sufficient supply of XLM is established on the platform, trading on the XLM/USD, XLM/EUR, and XLM/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met,” Coinbase said yesterday in a blog post. “Support for XLM will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date.”
Stellar is not yet available on Coinbase.com or the company’s mobile applications. The firm “will make a separate announcement if and when this functionality is added”.
In the wake of the announcement, Stellar rose to an intraday high of $0.109 on Wednesday, before closing the session at $0.108. The coin extended its gains in today’s early trading, when it hit a two-month high of $0.111. XLM has since pulled back to lower levels.
In today’s trading, the Stellar price stood at $0.107, as of 14:33 GMT. The digital coin has gained 4.4% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at just over $2 billion.