‘Coinbase Effect’ in Action: Cardano, Zcash and Stellar Prices Get a Boost Prior to Listing

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by Darya Rudz · 3 min read
‘Coinbase Effect’ in Action: Cardano, Zcash and Stellar Prices Get a Boost Prior to Listing
Photo: Marco Verch / Flickr

On the threshold of Coinbase to list Cardano, Zcash, and Stellar, the prices of the coins have started to surge.

Coinase has always tried to increase the number of opportunities for its customers. Recently, the largest US exchange listed Basic Attention Token (BAT) on its trading platform and apps and opened trading for 0x (ZRX), which became the first ERC-20 token listed on the platform.

After these annoucements, investors have cheered up and are currently anticipating the exchange’s support for further cryptocurrency integrations. In this regard, prices of some coins have started to surge. In particular, Cardano (ADA), Zcash (ZEC), and Stellar (XLM) are enjoying growth.

Cardano Price Movement

Cardano (ADA) saw a 3.5% hike on Sunday. The value of ADA jumped from $0.074438 up to $0.077107, then pulled back to the $0.75 range. Later, the price levelled off. Trade volumes were relatively low for ADA, rising from $13-18 million, with Binance’s ADA/BTC pair accounting for over 20% of the action alone.

The coin’s current price makes up $0.0754, its market capitalization is $1.9 billion.

Zcash Price Movement

Zcash (ZEC) is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin. The privacy-focused cryptocurrency surpassed $140 last week, demonstrating a staggering 21.7 increase in price in a two-week span. Over the last 24 hours, the currency lost 4.14% in value. Currently, its price is $125.62 per coin, market capitalization is $6.5 billion.

Stellar Price Movement

Stellar (XLM), which has been affected by massive volatility in the forever-lasting bear market, has experienced a 5-percent boost last week due to speculations about upcoming Coinbase listing. The fourth most-traded asset on Binance, just after Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH], Stellar maintained its price steadily at $0.2691 and a market cap of $5.09 billion yesterday. Later, the coin faced a mild bump and the market cap got a push up to $5.14 billion and the price also rose up to $0.2715.

Further, the price and the market cap both took a hit and went down to $0.2633 and $4.98 billion accordingly. The 24-hour trade volume rose up by 25.8% during this time period.

At the moment of writing, Stellar’s market capitalization makes up $5.17 billion. Its price is $0.2736 per coin. The supply for the asset comes mostly from Binance’s platform (approximately 32%) and Upbit exchange (about 9% of the total volume).

What’s in Store for Cardano, Zcash and Stellar?

Before the listing, both BAT and 0x nearly doubled in value against both the US dollar and Bitcoin (BTC). However, after the official listing by Coinbase Pro and Coinbase.com, the currencies suffered a drop. BAT decreased by over 32, while ZRX began a steep descent after a 8-percent surge.

Such a performance demonstrated that price movements were caused by Coinbase listing. It is not yet clear, whether Cardano, Zcash and Stellar will be integrated into the exchange, but such a probability is quite high.

The Coinbase listing is a confirmation that the token is not considered a security by the U.S. Securities and Exchange Commission (SEC). The listing gives a way to other exchanges to accept and integrate assets. Currently, the U.S. SEC is adding demands for tokensto be considered as securities. Recently, SEC charged EtherDelta, Ethereum-based decentralized crypto exchange, for running unregistered securities exchange.

Altcoin News, Binance News, Cryptocurrency news, News
Darya Rudz
Author Darya Rudz

Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.

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