- I call them the Coinbase 5 – five cryptocurrencies that Coinbase Tweeted back in July that they are considering adding to their platform.
- 0x (ZRX) was listed on Coinbase yesterday.
The cryptomarket followed the rest of the broader market by selling off between Wednesday and Thursday, with the altcoin markets suffering the biggest losses. One of the bright spots of the cryptomarket was 0x (ZRX) being listed on Coinbase. Traders did get a ‘heads up’ of sorts back in July, when Coinbase indicated that ZRX was among four other cryptocurrencies that they were considering adding to their exchange. However, the timing and announcement were somewhat of a surprise. Only traders and speculators heavily involved in the cryptocurrency markets would have noticed the early warning that ZRX was about to be listed – many users reported seeing ZRX show up as a wallet on Coinbase days before the listing. Ultimately, ZRX shot up over 18% before settling lower due to the broader crypto downturn.
The Coinbase 5
The Coinbase 5 represent 5 cryptocurrencies that represent 5 distinct areas and uses. Cardano (ADA) is a heavily and advanced and scalable 3rd generation blockchain – very near completion. Basic Attention Token (BAT) is addressing issues related to publishers, users, and advertisers. Stellar Lumens (XLM) already has a relationship with IBM and has recently launched a decentralized, peer-to-peer exchange that is free. They eventually plan to add commodities, bonds, stocks, etc. Zcash (ZEC) is a privacy-coin, providing anonymity to transactions but also allowing transparency if needed. And finally, 0x (ZRX), which was listed on Coinbase on October 11th.
It would make sense to watch and observe the other cryptocurrencies that have been identified by Coinbase. Since ZRX’s Coinbase listing yesterday, Basic Attention Token’s volume has surged almost 4x it’s normal volume and is outperforming a majority of the altcoin market, trading up over 8%. Stellar Lumens has also shown growth during the day, with over 4% gained on today’s trade. Zcash has been mostly unchanged. Cardano has been up over 5% on the day. Most telling has been that massive volume gain and price gain on Basic Attention Token. Traders should take not that BAT has been trading in a fairly tight and consistent up channel since September 12.
Traders should observe that there are very similar price trends with ZRX and BAT. ZRX was clearly being accumulated very quietly prior to the announcement. BAT appears to be displaying the same behavior. Out of the remainder of the Coinbase 5, BAT and XLM seem to the most likely candidates for addition to Coinbase, and this could happen quicker than we think because Coinbase has expedited the process for listing on their exchange.