The overall cryptocurrency market is on an uptick after a dismal month of November that saw most cryptocurrencies reach their yearly low. One of the coins that has broken the charts during the last 72 hours is Stellar (XLM)as it soared 25% during the period. Coinbase is on the path to list ‘hundreds’of digital assets on its platform and the new “Number 4” is poised to be the next to be listed.
Coinbase to add Stellar (XLM) trading?
After the recent ZCash (ZEC) listing on Coinbase Pro, whispers are running through the cryptocurrency community that Stellar(XLM) will be the next coin to gain listing on the prestigious exchange. Coinbase announced at the start of Q4 2018 of a $300 million USD Series E funding that will see the exchange increase the number of coins significantly (possibly to the hundreds). XLM holds an advantage above its peers to be added on the exchange. Here’s why.
The NYDFS impact
Stellar has been approved for trading in New York by the New York State Department of Financial Services (NYDFS). This is a big boost to XLM being disregarded as a security and places it prime for Coinbase listing as NY ranks as one of the strictest states in trading due to Wall Street.
Stellar becomes the fourth largest cryptocurrency
Stellar is currently the fourth largest cryptocurrency according to Coinmarketcap after crossing the $3 billion dollar mark earlier on Friday. XLM currently trades at $0.171138 USD representing a 7% increase in the last hour.
The coin’s daily traded volumes soared to above $100 million USD on November 21st and has kept the level for over a week for the first time since September.
With XLM performance in the last few days, it will be difficult for Coinbase to turn a blind eye to the prospects Stellar holds by trading on the platform.
Two down, Three to go. Is XLM next in line?
Back in Q3, Coinbase announced they were exploring five coins; Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x. Of these five, two (BAT and ZEC) have already been added. Of the remaining three Stellar offers better economic terms than the rest as it has a large following, it has larger daily trading volumes and a superior technology.