Stellar (XLM) Gets Support from Bitfinex While Having Issues in the Market

Ranked as the eight-best currency in accordance with the global coin ranking list, it seems that Stellar Lumens is having some troubles with following up with the latest trend in the market, which is trading in the green. As we can witness the majority of digital assets having a massive rebound while gaining on the value in the market, Stellar has been dealing in the red almost for the entire period of extensive rises. Stellar also recently got listed on Bitfinex, which probably made its position in the market slightly more benevolent. Let’s see how Stellar is doing these days while the market was spiking.

Stellar Gets Added to Bitfinex

A couple of days ago, Bitfinex decided to add more cryptos to the already existing list of tradable coins and tokens supported by this exchange platform. That is how Stellar was added to the list on Bitfinex that way making one step forward trading in the green despite the case of unexplained plummeting that took over Stellar even though the market was spiking while trading in the green for days now.

Besides from Stellar, Bitfinex also added Bitcoin Interest and Verge, providing support for three new digital assets being added to the exchange platform.

Bitfinex is one of the most popular exchange markets on the global level, which means that these currencies will consequently gain a higher level of exposure with this listing. It is always a great thing when having any of the coins listed on another exchange, as the listing doesn’t fail to push the value of the listed coin up against the market.

That is how Stellar managed to pull off a nice set of rises in the last 24 hours despite the case that Stellar has been trading in the red for quite some time even though the general atmosphere in the market was quite the opposite as the majority of digital currencies went on with trading in the green with frequent rises.

After dealing in the red with frequent drops against the dollar, as well as against BTC and ETH, we saw XLM having a minor rebound mirrored in the weak rise of 0.44% against the dollar, which was the case yesterday. This benevolent case was probably influenced by the fact that Stellar is now available for trading and exchanging on another one market exchange with support from Bitfinex.

Today, Stellar has made a more significant move against the dollar as it acquired a rise of 1.36% against the dollar, which shows in a way that Stellar is trying to go up against the market and adopt the current trend of having the majority of currencies trading up in the green.

However, the fact that Stellar Lumens is not experiencing the expected rise when compared to its peers, shouldn’t be worrying XLM investors. This is because it is more than likely that the holders of the rising coins will soon want to earn some profit from the rising coins, so they may be a massive selloff again once the waves of rises take a break. Stellar is less likely to plummet as there are small possibilities that XLM will become a part of the selloff in case the selloff takes place anyways.

How is Stellar doing at the Current Moment?

Stellar was trading in the red for days even though it was expected that this one of the top ten currencies is more likely to go up while following the market trend. That didn’t happen since Stellar didn’t take on the trend in the market up till yesterday when this currency managed to acquire a minor rise of 0.44% against the dollar probably due to the fact that XLM has gained the support of Bitfinex, that way also getting more on its level of exposure.

During the last 24 hours, Stellar Lumens has had another benevolent change in its price, which means that XLM is now being traded in the green against the dollar, going up for 1.36% against this fiat currency.

However, since Stellar is having a troublesome time while trying to adopt the current market trend, XLM is dropping against BTC, going down while trading in the red by 3.77% against Bitcoin, which means that BTC is doing better than XLM at this moment, on May 4^th.

After the latest change in the market, one unit of Stellar Lumens can be purchased at the price of 0.43$. Stellar made its all-time high back in January at the beginning of 2018, when this currency was valued at around 0.70$ per one unit.

The fact that the current price under which Stellar is being traded is not that far from its all-time high, should probably assure XLM investors that Stellar is not losing its game although it may seem like it when compared to the rises collected by its peers during the last week.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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