In this Monday’s cryptocurrency news, we can see a big movement on the upside for several altcoins – all linked to their new listings on the Coinbase platform. Following the listing of Basic Attention Token (BAT) and 0x (ZRX), the prices of Cardano (ADA), Zcash (ZEC) and Stellar (XLM) have all began to surge.
Since November 2nd, BAT was officially integrated into Coinbase Pro and Coinbase.com, XLM which is the native cryptocurrency of the Stellar blockchain network has surged from $0.22 to $0.28 recording gains of more than 27%.
Cardano and Zcash have also followed the rise alongside Stellar, BAT and 0x, all of which Coinbase expressed in interest in May this year. Even though the privacy-focused altcoin Zcash dropped 3% throughout the past 24 hours, it has risen from $114 to $125 since November 2nd, surpassing $140 at one point and demonstrating a 21.7% increase.
The price of BAT, however, dropped to the point before listing itself, demonstrating that the hype around listing is not always present. Still, BAT has surged big time before the drop and the Coinbase listing has been a confirmation that the token is not considered a security by the US Securities and Exchange Commission (SEC) – opening doors to many US and fiat-to-crypto exchanges in the world willing to accept and integrate it.
The probability of Stellar, Cardano and Zcash to be integrated to Coinbase is right now very high. If such thing happens, there will be many positive developments including Stellar’s blockchain wallet integration, the growing adoption of ZK-SNARKs technology of Zcash as well as rising adoption of Cardano’s smart contract protocol.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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