Stellar (XLM) Jumps 10% Thanks to Coinbase Pro’s New York Landfall

Journalist:
Mark Emem @cointributor
September 26, 2019

Among the top 10 crypto by market capitalization, Stellar (XLM) is leading the pack of gainers having appreciated by nearly 10% in the last 24 hours. This coincides with an announcement by Coinbase Pro listing the cryptocurrency in New York.

Stellar (XLM) recovers from yearly low

After falling against the U.S. dollar to a yearly low of $0.052 earlier this week, Stellar has now recovered to $0.0603 after posting gains of 9.22% on Thursday.

Stellar Lumens price chart | Source: Coinmarketcap

The gain in price coincides with cryptocurrency exchange Coinbase Pro announcing that Stellar will now be available for trading on the platform in New York with no restrictions.

The plunge in Stellar’s price earlier this week came after the altcoin had surged to a two-month high of nearly $0.09 last week after appreciating by about 30%.

Besides its price, Stellar’s volumes have also surged by 12.58%. This is the largest increase among the leading 10 cryptocurrencies by market capitalization, per Coincap.

Trading volumes of Stellar Lumens in the last 24 hours | Source: Coincap

Stellar’s availability on Coinbase Pro in New York comes around five months since Coinbase Wallet started supporting the cryptocurrency. It also comes six months since the altcoin was made available on Coinbase Pro in the exchange’s supported jurisdictions but with the exception of the state of New York.

ALGO and LINK also welcomed in Big Apple by Coinbase Pro

Besides Stellar, Coinbase Pro also announced other altcoins that the exchange would be making available for trading in New York without any restrictions. This includes Algorand (ALGO) and Chainlink (LINK).

However, unlike Stellar the two altcoins did not benefit significantly after the announcement. Chainlink which is ranked 18th by market cap has appreciated a paltry 1.66% within the last 24 hours, according to CoinMarketCap. Algorand, on the other hand, has actually depreciated. In the last 24 hours the cryptocurrency which is ranked 64th by market cap has dropped by 24%.

Both Chainlink and Algorand have been available on Coinbase and Coinbase Pro respectively for weeks now. Algorand launched on Coinbase Pro in mid-August in supported jurisdictions (with the exception of New York State). Chainlink became available on Coinbase in late June in most jurisdictions except New York.

This article was edited by Samburaj Das.

Mark Emem @cointributor

After words, numbers are my other love... mostly when they are going up and they have nothing to do with taxes or expenses. That makes green my favorite color! Currently a resident of Nairobi, Kenya. Follow me on Twitter @cointributor or email kointributor[at]gmail.com