Yesterday, popular cryptocurrency Exchange, Bitfinex, listed two more coins on its exchange. These coins are Verge (XVG) and Stellar (XLM). Both cryptos can now be traded against Bitcoin (BTC), Ethereum (ETH), The United States Dollar (USD), The Euro (EURO), The British Pound (GBP) and The Japanese Yen (JPY).
In the announcement via the Bitfinex blog, the team from the exchange stated the following about Stellar (XLM):
Bitfinex is pleased to introduce trading for Stellar Lumens (XLM). Deposits have been enabled, with trading set to go live at 11.30AM UTC. Stellar Lumens are the native asset of the Stellar network – a free, open-source network that connects diverse financial systems and allows anyone to build low-cost financial services for their respective communities. The Stellar network enables money to move directly between people, companies, and financial institutions as easily as email. This interconnectivity means improved access for individuals, lowered costs for banks/institutions, and an increase in revenue for businesses.
This announcement added to the argument earlier put forth that Stellar (XLM) needed to increase its liquidity if it wanted to attempt a Moon Landing in terms of continual price increment. XLM is now currently available in 75 exchanges. This number is considered low when compared to the other top 5 coins that have the privilege of being listed in more exchanges.
Doing the comparison, BTC is listed in 400 exchanges; ETH is also listed in 400 exchanges; Ripple is listed on 134 exchanges; Bitcoin Cash is listed on 254 exchanges; and EOS which is now in the number 5 spot, is listed in 129 exchanges.
However, the Stellar (XLM) listing has excited the coin’s performance in the markets. XLM is currently trading at $0.443 and has done 8.08% in gains in the last 24 hours. Looking at the one month performance of XLM, the coin was valued at $0.19 on April 1st. This then makes the current value of $0.443 a percentage increment of 133%. This is extraordinary for the coin and project.
The Stellar project is run as a non-profit organization, therefore not much buzz surrounds the coin when you compare it to marketing and P.R heavy-weights such as Tron (TRX) and Ripple (XRP). From an investor point of view, XLM has a very solid product that is bound to change the world as we know it through connection of banks, payment systems and people. The project plans to move money quickly in a reliable manner and cheaper than the regular options.
With the Bitfinex listing, the coin and the project gets the much needed exposure in an exchange that is based in Hong Kong; the financial capital of the world. Bitfinex had earlier stated that it would only register new accounts for users with a liquidity equivalent of $10,000 in crypto or fiat. This means the exchange’s target audience is all the ‘big shot’ traders.
Bitfinex is currently ranked 6th in terms of exchanges that have trading fees and number 7 overall when you consider all exchanges including those which have free trading. Its current daily trade volume is at $879 Million.
In a nutshell, XLM is finally getting the liquidity that was needed to provide exposure of the coin to more traders and to easily move the digital asset in the markets. Perhaps that $1 value is not that far away for the coin.