Chainlink skyrockets 117.2 percent after listings on Coinbase Pro and Coinbase retail 🚨 This article is 5 years old...
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Chainlink skyrockets 117.2 percent after listings on Coinbase Pro and Coinbase retail
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Updated: Aug. 1, 2020 at 6:46 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
ChainLink, a blockchain platform aiming to connect smart contracts to external data sources, is on a tear following listings on Coinbase Pro and Coinbase—the altcoin surged 117.2 percent, from $2.03 to $4.41, over the three days the listings were announced.
The “Coinbase effect,” where a cryptocurrency’s price surges after its listing is announced on Coinbase, is alive and well for Chainlink. The altcoin highly lauded by speculators surged 117.2 percent three days after its first listing on Coinbase Pro.
Since the phenomenon was first observed, some sources reported that the Coinbase effect was diminishing. The diminishing impact on price could be attributed to Coinbase’s looser standards for adding digital assets or greater access to reliable exchanges.
Yet, nearly all coins listed on Coinbase still immediately see a jump in price following the news. The following coins saw the following percent increase in price eight hours after listing:
- May 3rd, 2017, Litecoin increased by 3.0 percent.
- Dec. 19, 2017, Bitcoin Cash increased by 9.9 percent.
- Apr 17, 2019, Augur increased by 15.3 percent.
- May 30, 2019, EOS increased by 10.1 percent.
One exception to this news was XRP’s retail listing on Feb 28, 2019, which only rose 0.22 percent. However, there is evidence that insider trading from a potential leak of the announcement diminished the price impact of the listing. CryptoSlate will explore the Coinbase effect in greater depth in an upcoming CryptoSlate Research article.
Back to Chainlink, the coin saw a 16.3 percent increase 8 hours after its listing on Coinbase Pro, and experienced a 23.5 percent surge 12 hours afterward. Following LINK’s listing on the Coinbase retail platform, the coin surged 34.1 percent; 12 hours following the retail listing it saw a 62.8 percent cumulative jump.
The greater impact on Chainlink’s price may be a function of its status as a smaller altcoin with lower volumes and more limited availability on other major exchanges, especially those with a strong presence in the United States.
Binance was the exchange with the largest trading volume of the coin prior to the listing. On June 29, Binance recorded 24-hour LINK/BTC volumes of $328 million and LINK/USDT volumes of $193 million. Coinbase quickly became the third largest exchange by volume, with 24-hour volume of $112 million.
Chainlink Market Data
At the time of press 6:46 am UTC on Aug. 1, 2020, Chainlink is ranked #12 by market cap and the price is up 0.15% over the past 24 hours. Chainlink has a market capitalization of $2.71 billion with a 24-hour trading volume of $648.78 million. Learn more about Chainlink ›
Crypto Market Summary
At the time of press 6:46 am UTC on Aug. 1, 2020, the total crypto market is valued at at $340.95 billion with a 24-hour volume of $93.63 billion. Bitcoin dominance is currently at 62.03%. Learn more about the crypto market ›
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Chainlink
$15.0972
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.