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Stellar (XLM) and Verge (XVG) prices bump with Bitfinex listing

Posted: 2 May 2018 6:30 pm
News

A chance to simultaneously observe the price effects of an exchange listing on two different coins.

Bitfinex, one of the world's largest cryptocurrency exchanges by volume, began Stellar Lumens (XLM) and Verge (XVG) trading pairs today, with immediate results on price and trade volume of both coins.

Stellar Lumens

Verge


What you're looking at

This is a fairly typical pattern when a coin gets listed on a prominent exchange, and it had a similar effect on both tokens. The immediate price spike might be a self-fulfilling prophecy, as people buy up ahead of the listing in anticipation of a quick profit.

It's remarkable to see the extreme similarity in the price patterns of both coins. The similarities are especially interesting given that Verge trade volumes are running about four times as high as Stellar, suggesting that the same movements go on despite drastic differences in volume. Both have a three-pronged initial spike and similar bounces on the way down and back up. They even reach their slow rise back up at roughly the same times of the day.

Stellar and Verge come in at number 8 and number 24 market cap respectively, and both are relatively popular and well-known coins, which may have built the anticipation for the listings.

Stellar is a decentralisation-oriented Ripple alternative for cross-border payments, and is probably best-known for being adopted as the digital currency staple of IBM's upcoming "universal payment system". Verge is a coin designed to be used as e-cash, and is probably best known for crowdfunding a PornHub marketing stunt.


Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, BTC, NANO

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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