One of the hottest headlines last week was Coinbase’s listing of Ox (ZRX). Ox is an open protocol that enables the low-friction, peer-to-peer (P2P) exchange of ERC-20 tokens on the Ethereum protocol. The listing ignited a heated argument among the crypto community due to the relative experimental nature of the coin. Besides, the news left some people speculating over the future listings of other altcoins that were earlier highlighted by Coinbase.
Coinbase’s July Report
In July 2018, Coinbase reported that it was considering the listing of five altcoins, including the recently listed Ox. The other four coins are ADA, BAT, XLM, and ZEC.
Last week, ADA rose by almost 5%, BAT gained by more than 30% and XLM and ZEC gained by over 13%. BAT has also been boosted by its recent Brave Browser launch, which introduced 22% faster page load speeds and many other enhancements. Although this is accountable for part of last week’s run-up, speculation over the possible listing on Coinbase has contributed much to the rise of the coin.
Nevertheless, considering our earlier research, the consequence of a listing on Coinbase is normally exaggerated, and the speculative rise in altcoin prices could eventually imply a “sell the news” kind of activity when these altcoins are added, particularly considering Coinbase’s custom is delaying the addition of new altcoins.
How the Whole Crypto market was Affected
In general, the crypto market saw a good boost last week. The AltDex 100 Cryptocurrency Index (ALT100), a standard index for large-cap digital currencies and tokens, which remarkably does not comprise stablecoins, is currently around 4% over the past seven days.