Coinbase, Cryptocurrency, Stellar (XLM)–As cryptocurrency tests new lows for 2018, with the overall outlook for the market looking even more bearish in an already abysmal investment year, Stellar XLM has managed to weather the storm thanks to a previous announcement by U.S. based exchange Coinbase.
On Nov. 19, following days of slumping cryptocurrency prices which wiped tens of billions from the market capitalization, the industry took another plunge to $160 billion, with top ten currencies across the board falling double-digit percentage points in addition to last week’s bloodbath. However, Stellar XLM has managed to weather the price fall storm relative to the rest of the market, with prices still above what they were during the summer following the Coinbase announcement.
Coinbase, which recently added Basic Attention Token (BAT) and 0x to its limited coin offering, has managed to buoy the price of Stellar for some time despite slipping market prices for Bitcoin and the majority of the altcoin market–including coins that were previously listed or associated with the U.S. based exchange. While Cardano has also been tied to a potential listing on the exchange, the price of the ADA coin has had managed nowhere near the price resiliency currently seen in XLM, and for a number of reasons.
Stellar has been closely monitored in relation to Coinbase since it was first listed among the five initial coins to be considered for addition to the exchange. Despite more popular choices and larger market capitalization coins, such as XRP, being considered by outside analysts, Coinbase has as much to gain as the Stellar investment base in an eventual listing. Since the original announcement, which included 0x, Basic Attention Token, Cardano, Stellar and Zcash, only the first two have been added to the exchange.
While Coinbase was careful not to provide specific details or definitive claims on anyone listing–instead choosing to say all five currencies were being considered and could possibly be added in different regions–XLM still holds the betting favorite for being added to the exchange. XLM represents a significant price deviation from the current coin listing, which often ranges in the tens to hundreds (or in the case of BTC, thousands) of dollars per coin. Stellar’s price point of $0.22 is psychologically appealing to a 13 million strong customer base that has yet to gain access to large max supply, low priced coins (0x, the closest coin in price, has a valuation of $0.43).
In addition, XLM is the fifth largest cryptocurrency by market capitalization–closing in on the fourth largest currency of Bitcoin Cash–which is much higher than the other coins yet to be added to the exchange. Stellar has also been associated with massive stories of cryptocurrency and blockchain adoption, being utilized by computing giant IBM as well as rumors tied to the social networking platform Facebook.
While no new details have emerged on the potential addition of XLM and Coinbase, the exchange has reiterated its commitment to listing new coins in a timely fashion, giving customers a broader selection of coins to participate and invest in.