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