Coinbase Fever: These Altcoins Are Pumping Following the 0x Listing
While the listing caused some debate within the crypto community, given the relative experimental nature of 0x, it was enough to spur speculation over future listings of altcoins that were previously mentioned by Coinbase.
Back in July, Coinbase revealed that it was “exploring” the listing of five different altcoins, including the recently added 0x. The other altcoins include Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), and Zcash (ZEC).
While ADA is only up roughly 5% on the week, BAT is up over 30% and XLM and ZEC are up around 13%.
BAT has also benefited from its latest Brave Browser release, which brought 22% faster page load speeds and several other improvements. While this is certainly responsible for part of the recent run-up, speculation over a possible listing on Coinbase has definitely contributed.
However, given our previous research, the outcome of a listing on Coinbase is often overstated and the speculative pump in coin prices could ultimately mean a “sell the news” type of event if and when these altcoins are added, especially given Coinbase’s habit of slowly integrating any new listings.
As a whole, the cryptocurrency market experienced a nice boost over the last week. The AltDex 100 Cryptocurrency Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens that notably does not include stablecoins, is currently around 4% over the last week.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.