Sunday, October 13, 2024
HomeNewsListing on Coinbase promises altcoins golden mountains?

Listing on Coinbase promises altcoins golden mountains?

Coinbase

The effect of listing digital assets on Coinbase Pro is much overrated. The analytical company came to this conclusion. Coinmetrics.

Coinbase Listing analysis

According to the report, announcements on the addition of new tokens on Coinbase cause a change in the market value of the asset in the range from -1% to + 14% relative to USD, BTC and ETH. Analysts also concluded that listing news on the exchange does not significantly affect the overall market trends of the selected cryptocurrencies.

CoinMetrics examined 16 assets added to the stock exchange recently. Six of them showed negative changes in market value within ten days after listing, three assets went up by less than 5%. The average effect is estimated by analysts at + 4% to the price.

Analysts also evaluated the effect of Coinbase ads, in which the exchange reports on the possible listing of a number of cryptocurrencies. According to them, the short-term impact of announcements on the market value of assets is overshadowed by the current general trend in the market.

During the bearish cycle in 2018, most of these cryptocurrencies showed negative price dynamics. In 2019, there were inconsistent up and down movements. In the second quarter of this year, most assets were characterized by weak growth.

As a result, CoinMetrics noted that the prevailing opinion about the strong impact of listings on Coinbase on the market value of cryptocurrencies does not fully correspond to reality. A more important factor is the state of the market at the time of adding new assets.

Last week, Coinbase announced the listing of the Compound token (COMP). The exchange announced plans to add tokens of a number of leading DeFi projects earlier this month.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Discover more from Latest Crypto News

Subscribe now to keep reading and get access to the full archive.

Continue reading