In an announcement July 13, 2018, Coinbase unveiled the possibility of listing new coins on its exchange, including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX). Noticeably absent from the list is XRP.
Today we are announcing that we’re exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). https://t.co/qoECyR0V1f
— Coinbase (@coinbase) July 13, 2018
When Coinbase listed Bitcoin Cash (BCH) in December 2017, the price spiked significantly. As a result, many accused Coinbase of insider trading.
In an effort to ensure transparency, Coinbase announced:
“We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.”
One can only speculate that Coinbase is making an effort to avoid further allegations of insider trading.
Coinbase noted that these assets will need further exploratory work, and their future listings are not guaranteed. It is also possible users will only be able to buy and sell, without being able to send or receive tokens using a local wallet.
Additionally, some of the assets may only be available in “other jurisdictions” before being offered in the United States. Coinbase has not officially stated when they will be listed, or whether any of the coins mentioned will be listed at all. However, they plan to provide updates about the process via the Coinbase blog and Twitter.
More information regarding the announcement, including a helpful Q&A, can be found on the official blog post.
Recent Price Hikes
Unsurprisingly, the cryptocurrencies listed in Coinbase’s announcement are up double-digit percentages.
It is important to remember that the listings are not guaranteed. It is clear that these price hikes are a result of the speculation surrounding a listing on Coinbase. If, for whatever reason, one or all of the tokens are not listed, expect to see a price retracement.
0x, currently ranked #25 by market cap, is up 27.54% over the past 24 hours. ZRX has a market cap of $523.17M with a 24 hour volume of $35.06M.
Chart by CryptoCompare
0x is up 27.54% over the past 24 hours.
Cardano, currently ranked #8 by market cap, is up 11.57% over the past 24 hours. ADA has a market cap of $3.61B with a 24 hour volume of $84.57M.
Chart by CryptoCompare
Cardano is up 11.57% over the past 24 hours.
Basic Attention Token, currently ranked #38 by market cap, is up 20.6% over the past 24 hours. BAT has a market cap of $322.71M with a 24 hour volume of $14.41M.
Chart by CryptoCompare
Basic Attention Token is up 20.6% over the past 24 hours.
Zcash, currently ranked #21 by market cap, is up 16.27% over the past 24 hours. ZEC has a market cap of $777.04M with a 24 hour volume of $86.62M.
Chart by CryptoCompare
Zcash is up 16.27% over the past 24 hours.
Stellar, currently ranked #7 by market cap, is up 10.21% over the past 24 hours. XLM has a market cap of $3.78B with a 24 hour volume of $46.75M.
Chart by CryptoCompare
Stellar is up 10.21% over the past 24 hours.
Cover Photo by Jonatan Pie on Unsplash
