The Coinbase Effect
It’s been two weeks since Coinbase announced that they’re exploring the addition of 5 new coins:
- Cardano (ADA)
- Basic Attention Token (BAT)
- Stellar Lumens (XLM)
- Zcash (ZEC)
- Ox (ZRX)
Unlike their announcement of adding Ethereum Classic, these assets have no guarantee that they will be listed for trading.
Nevertheless, the announcement of Coinbase considering adding these coins has not gone unnoticed on cryptomarkets.
However, some have seen much higher gains than others, as seen in the table below.
As it stands, Stellar Lumens has had the biggest gains of the 5 coins announced.
Jumping 78% since the announcement by Coinbase and currently at a marketcap of $6billion, Stellar Lumens is also the biggest of the 5.
The smallest gains have been made with Basic Attention Token (BAT), only increasing 19% and currently having a marketcap of $326 million.
However, all 5 of the coins still have a long way to go before reaching their “all time high” set during the height of the cryptomarkets (December 2017 — January 2018).
All 5 of the coins have seen dramatic losses since their “All Time High”.
Cardano has since the biggest decrease (-87%) followed by Zcash (-76%), Basic Attention Token (-67%), Stellar Lumens (-66%), and 0x (-55%).
Its difficult to predict the cryptocurrency markets, as prices change and fluctuate greatly every day. However, one could still assume if either one of these coins does get added to Coinbase, they will since massive gains.
As it stands, Coinbase currently trades Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The addition of Ethereum Classic has also been confirmed to be on going. The addition of one the newly announced coins will definitely make a big impact on the service. They will be the cheapest ones available on a list of exclusive coins, making their purchase much easier for the mainstream Crypto user.