On 25 September 2019, Coinbase Pro officially announced that it had listed Stellar (XLM) making its value to skyrocket by 10% within 24 hours.

Apart from the rise in prices, Stellar (XLM) volumes have also increased by 12.58%. The announcement marked a new era for Stellar cryptocurrency which will now be open for trading on the Coinbase Pro New York platform in full trading mode.

Before the announcement, Stellar (XLM) had been experiencing a continuous flux in prices to reach an all-year low of 0.052 against the USD in the last five days. The plunge has been associated with a two-month Altcoin upward surge that reached a high of $0.09 and saw it appreciate by around 30%.

The Coinbase Effect

In the official tweet posted by Coinbase, the exchange said that Stellar lumens are now available to all New York Coinbase users. They can buy, sell, send receive, convert, and store Stellar lumens using apps on both Android and iOS systems.

According to market data by Coincap, the upwards surge experienced by stellar is the largest yet to be seen among the first ten leading cryptocurrencies. Coinbase Wallet first started to support Stellar cryptocurrency about five months ago in all its authorized jurisdictions except for New York.

Data from CoinMarketCap also shows that another announcement by Coinbase about listing Chainlink (LINK) on the same date as Stellar lumens also contributed to the steady rise in Stellar. Trading today at $0.06 Stellar lumens are still occupying position #10 on CoinMarketCap as the best performing coin of the day among the top ten leading cryptocurrencies.

Chainlink’s LINK, an Ethereum-based token, also shows a rise of 0.56% at number 19 and trading at $1.72. LINK powers Chainlink’s decentralized network to provide a bridging service for the gap between blockchain smart contracts and oracles that contain event information and general market data.

Stellar Open Network

The stellar network is a unique open-source, decentralized multi-currency platform for storing and moving money globally. Stellar was designed to be a lot cheaper than Bitcoin and to use less electricity. It was developed by the San Francisco-based Stellar foundation in 2014.The Stellar lumen XLM is a protocol that Stellar uses on its network. Once the stellar network went live on the mainnet, one hundred billion XLM was created to play a unique role in the Stellar network operations. Users who want to move money using the Stellar Network do so by holding XLM. They help Stellar move money like email less the spamming detail.

