Market Analysis

ADA, ZEC, XLM add value before getting listed on Coinbase

ADA, ZEC, XLM add value before getting listed on Coinbase
Nov 12, 2018 by Rico Wise

From the beginning of November, when BAT currency became officially implemented into Coinbase Pro and Coinbase.com, XLM, the dedicated digital currency of the Stellar platform has added over 27% of value. ADA and ZEC, the digital currencies that attracted the interest of Coinbase alongside XLM, BAT, and ZRX, have also recorded an increase in value.

Despite the fact that the privacy-centered Zcash registered a 3% price decrease over the last day, ZEC still managed to add approximately 9% from the start of November. At its weekly pinnacle, Zcash exceeded 140 USD, displaying an exciting 21.7% value gain within the course of two weeks.

Before the listing, both BAT and ZRX digital currencies have grown almost twofold in price against both USD and BTC. Nevertheless, subsequent to becoming officially listed by Coinbase Pro and Coinbase.com, BAT’s price dropped by more than 32%. In case of BAT currency, the price movement clearly displayed that it was driven up exclusively by the hype around the listing and not the listing itself. Therefore, it becomes questionable, whether Coinbase listing is of any significance at all, specifically if currencies tend to substantially lose value after the completion of integration process.

Becoming listing at Coinbase currently indicates that the currency is not deemed a security by the US SEC, opening a door for the rest of the exchanges in the United States and cryptoexchanges all over the globe to adopt the digital currency.

With the Commission’s doubling down on digital currencies considered as securities and cryptoexchanges with these currencies enlisted, the confirmation from the largest fiat-to-crypto exchange in the worldwide cryptomarket is essential, especially since Coinbase is considered to be one of the most strictly compliant exchanges in the United States.

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