US-based cryptocurrency exchange Coinbase has added yet another high-quality digital asset to its repertoire — Stellar Lumens (XLM) — rounding out its total number of supported assets to a healthy 20.
According to Coinbase’s recent announcement, XLM will be available in most jurisdictions, but will not initially work for customers in the United Kingdom or the state of New York. The new digital asset has been added to all Coinbase platforms, including vanilla Coinbase, as well as Coinbase Pro and its institutional trading platform Coinbase Prime.
Stellar Lumens (XLM) differs from most digital assets listed on the exchange in that it requires two distinct pieces of information to complete a transaction: the wallet address and a memo. Since Coinbase uses a single address for its XLM storage, the additional information contained within the memo is used to determine which account the transaction value should be credited to.
The Cycle Begins Anew
In familiar fashion, Stellar (XLM) immediately spiked following the announcement, climbing from a low of $0.108 earlier today up to a high of $0.117, as of writing. Since the announcement, XLM has gained close to five percent against the US dollar, and almost seven percent against BTC as XLM trade volume grows.
Curiously, the XLM markets began to move several hours prior to the announcement, against the prevailing market trend at the time — perhaps indicating that information relating to the listing had already disseminated within certain circles.
As it stands, the Stellar Lumens (XLM) market capitalization sits just north of $2.71 billion, further growth of just one percent should see the Stellar knock Binance Coin (BNB) out of its position as seventh largest cryptocurrency by market capitalization.
Surprisingly, while five percent growth within just hours might seem like an extraordinary move to the outside observer, however, this appears to a common occurrence following a Coinbase listing. Looking at Ripple (XRP) and Golem (GNT) — the two previous latest additions to Coinbase — the same trend can be seen.
As it stands, Stellar Lumens appears to be settling at around $0.117, appearing likely to trade close to this level while the market stabilizes.
Do you think Stellar Lumens (XLM) deserves a position on Coinbase? How do you think this will affect the long-term success of the project? Let us know your thoughts in the comments below!