As the bearish months continue to take its toll on the crypto market, many cryptocurrencies seem to be struggling to keep their head above water as the prices test new lows. Stellar (XLM) has, however, managed to remain afloat with the recent move by crypto exchange, Coinbase.
Stellar Survives Crypto Market Bloodbath
Monday, Nov. 19 saw the crypto market through another bloodbath as prices took another downward plunge in addition to the previous week’s price slump. The week opened to price fall storm with tens of billions wiped off the total market capitalization and prices of Bitcoin and other altcoins on the board nose-diving by double-digits percentage points.
Stellar (XLM), however, appears to have survived the storm as the week opens to a relative rise in its prices amidst the throes of the price slump. Reports point towards the previous announcement by US-based exchange Coinbase.
Anticipation keeps Stellar (XLM) Afloat
The recent addition of Basic Attention Token (BAT) and Ox by the San Francisco-based exchange has managed generate a significant amount of speculation about the next coin to be listed by the exchange.
Taking the market reactions as a sign of intent, Stellar appears to be a tossup in the constant speculations about which coin would be added next. Much of the chatter started when five coins were noted to be singled out by the exchange in July and the prices of two of the coins listed positively influenced.
Coinbase has, however, been careful not reveal details about the addition of the coin to its base, instead choosing to skirt around the issue by conclusively stating that all the five coins were considered. The exchange continued by explaining that it could choose to add any of the coins in different regions.
XLM, however, appears to be the crowd’s favourite at the moment especially with the coin’s present price valuation appealing to its customer base. The coin is admittedly the fifth largest cryptocurrency in terms of market capitalization and is appearing to move closer to knocking the fourth largest of its seat.
Stellar has, in addition, gained sufficient traction in crypto and blockchain innovative landmarks as tech giant, IBM, was recently reported to have adopted the coin. Stellar has been seen as a payment solution in larger circles and is generally viewed as one coin that could “penetrate traditional assets markets”.
Though no details have been given by the exchange about the potential listing of XLM on its platform, the exchange’s commitment to giving its customers a wider range of coins to choose from could just be what Stellar needs to get added.