The Coinbase Effect
Coinbase, one the most popular cryptocurrency exchanges was known during 2017 for its “listing power”. At the start, the exchange only offered a small list of assets, namely: Bitcoin, Ether and Litecoin. When they added Bitcoin Cash to the mix, the asset rallied exponentially in a very short period of time.
XRP was one of the assets most anticipated at the time for a Coinbase listing, however with may rumours and letdowns that effect disappeared when the exchange came around to list it. Today, we see that this “Coinbase effect” is alive and well.
18 Potential Candidates
Coinbase announced that they are reviewing 18 different crypto-assets for a listing. The assets taken into consideration are: Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Network, Siacoin, SKALE Network, Synthetix and VeChain.
Most of these assets have pumped over 10% on the day of the announcement with some crossing the 60% mark on some exchanges (Aragon on Bittrex). This proves that the “Coinbase effect” still remains even after having added a very wide variety of assets over the past three years.
There is no timeline as to when the final decisions will be taken. However, each of these assets will be subject to Coinbase’s “significant technical and compliance review and may be subject to regulatory approval in some jurisdictions”.
Image ℅ Coinbase