The cryptocurrency market is showing renewed vigor as March 2019 unfolds, with altcoins capturing significant attention alongside Bitcoin’s steady climb above the $4,000 mark. Among the biggest movers this week, Stellar Lumens (XLM) has emerged as a standout performer following its highly anticipated listing on Coinbase Pro.
TL;DR
- Stellar Lumens (XLM) began trading on Coinbase Pro starting March 13, 2019
- XLM was priced at approximately $0.1094 on March 17, with a 7-day gain of over 9%
- The listing excludes New York State residents initially
- Bitcoin daily trading volume topped $11 billion on March 15 — the highest since April 2018
- Fundstrat’s Tom Lee predicts a new Bitcoin bull market in 2019
Coinbase Pro Opens Doors to Stellar Lumens
In a move that had been anticipated by the crypto community for months, Coinbase Pro officially began accepting inbound transfers of Stellar Lumens (XLM) on March 13, 2019. The exchange accepted deposits for approximately 12 hours before enabling full trading across its platform. The listing covered Coinbase Pro’s supported jurisdictions, though notably excluding New York State due to regulatory considerations.
The addition of XLM to Coinbase Pro carried significant weight for the broader altcoin market. Stellar, which was trading at approximately $0.1094 with a market capitalization of around $2.1 billion as of March 17, became one of the few digital assets to receive the Coinbase seal of approval. The token’s 7-day performance showed a healthy gain of over 9%, reflecting the market’s positive reception of the listing news.
For Stellar, the Coinbase listing represented a critical milestone in its journey toward mainstream accessibility. As the eighth-largest cryptocurrency by market cap at the time, XLM joined an exclusive roster of assets available on what many consider the most trusted cryptocurrency exchange in the United States.
Bitcoin Volume Surges to Near-Record Levels
The altcoin momentum was underscored by a broader market resurgence. Bitcoin’s daily trading volume surpassed $11 billion on March 15, marking the highest 24-hour trading activity since April 2018. The figure represented a dramatic increase from the subdued trading volumes that had characterized much of the cryptocurrency winter.
Bitcoin itself was trading at approximately $4,025 on March 17, having climbed steadily from below $3,900 earlier in the week. The total cryptocurrency market capitalization was showing signs of recovery, with Bitcoin commanding a market cap of roughly $70.8 billion.
Tom Lee Sees Bull Market Returning
Adding to the optimistic sentiment, Fundstrat Global Advisors strategist Tom Lee — one of Wall Street’s most prominent Bitcoin advocates — declared that another bull market was on the horizon for 2019. Speaking on CNBC’s Futures Now on March 14, Lee pointed to improving technical indicators and growing institutional interest as reasons for his bullish outlook.
Lee, who had previously valued Bitcoin between $13,800 and $14,800 in December, maintained that the worst of the bear market was over. While his price predictions had faced criticism for missing the mark throughout 2018, the renewed market activity in early 2019 lent some credibility to his forward-looking analysis.
ErisX Emerges as Coinbase Challenger
The competitive landscape for cryptocurrency exchanges was also heating up. ErisX, a crypto trading platform backed by TD Ameritrade, Nasdaq, and Fidelity, signaled that its exchange was nearing launch. Speaking at the FIA Boca conference, ErisX CEO Thomas Chippas announced that the platform would initially support spot trading for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, with futures trading to follow.
The involvement of Ethereum co-founder Joe Lubin on the ErisX board further legitimized the venture. The platform’s approach of combining traditional finance expertise with blockchain engineering positioned it as a serious competitor to established players like Coinbase.
Why This Matters
The convergence of Coinbase expanding its altcoin offerings, surging Bitcoin trading volumes, institutional platforms like ErisX preparing for launch, and bullish predictions from respected Wall Street analysts painted a picture of a cryptocurrency market finding its footing in early 2019. For altcoin investors, the XLM listing on Coinbase Pro served as a reminder that exchange accessibility remains one of the most powerful catalysts for price appreciation. As the market continued to recover from the depths of the 2018 bear cycle, each positive development contributed to rebuilding the confidence that had been shattered during the prolonged downturn.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
$0.1094 and climbing! The 9% weekly gain shows that the market is finally waking up to XLM’s potential. Coinbase Pro listing is the validation we needed. Altcoin season might be starting.
Great to see some life in the altcoin market. Stellar has always been a solid project, but the price action was lagging for a while. This volume on Coinbase Pro should help sustain the move.
‘Altcoin season’ because of one listing? Calm down. Most of these gains will be retraced by next week. The Coinbase effect is usually a short-term pump and dump.