Stellar Lumens (XLM) is having a relatively mixed week. On one hand, it has moved up the ranks and earned noticeable gains over the past few days, but unlike its brothers and sisters, its movements can’t be compared with those of bitcoin.
XLM: Bullish, But Not So Bullish
Bitcoin underwent a heavy rally last Tuesday that saw the cryptocurrency spike beyond the $5,000 mark, a position it hadn’t taken since November of 2018. Other currencies, like bitcoin’s number one competitor Ethereum, also saw heavy gains following bitcoin’s sudden rise. Ether tokens were selling for roughly $174 each.
Stellar has seen a dramatic rise in its overall price, but it can’t quite compare. On April 3, for example, the currency rose to approximately 14 cents, signifying a jump of approximately 4.5 percent. It’s nothing to complain about, but it’s a bit early to be breaking out the champagne.
XLM’s addition to the Coinbase Wallet app didn’t help much in its price rallies either, though sentiment remains bullish for the currency. Recently, the U.S.-based mega exchange announced that XLM was the latest cryptocurrency that enthusiasts could purchase, trade and sell via its latest wallet application. The company announced in a statement:
Our goal with Coinbase Wallet is to create the world’s leading user-custodied crypto wallet. Adding support for XLM is an important next step in that direction.
These words were followed by brief instructions regarding what customers could do if they wanted to initiate XLM trades on their wallets. The statement continued:
To activate your XLM wallet – all you need to do is tap ‘receive’ on the main wallet tab and select XLM. The Stellar network requires that all wallets have a minimum balance of one lumen, so please fund your account with at least one lumen.
The Coinbase wallet already supports over 10,000 separate ERC-20 tokens which are built on the Ethereum blockchain. Aside from these, the Wallet also supports Ethereum itself, along with XRP, Ethereum Classic, bitcoin and bitcoin cash.
XLM did get an additional push, however, from the Binance Trust Wallet app. Like Coinbase, the cryptocurrency exchange stated that it would be adding XLM to its list of supported digital assets to help customers diversify their portfolios. XLM was not given direct attention, but rather added with a string of additional cryptocurrencies including bitcoin, bitcoin cash, Ethereum, Ethereum Classic, Litecoin and EOS.
Extra Support for XLM
Co-founder of the wallet Viktor Radchenko explained:
Adding support to Stellar’s XLM on Trust Wallet is a result of our community’s overwhelming request and our response to it. Additionally, the Stellar team has made it easy for our development team to get XLM integrated to our wallet with its robust technical groundwork and tools that allowed the integration to be processed quickly, reliably, and easily.