Cryptocurrency news

Price Increased 40 Percent! Coinbase Listing Makes This Altcoin Take Off

Coinbase has listed this altcoin! price jumped

Price Increased 40 Percent! Coinbase Listing Makes This Altcoin Take Off

Coinbase , the largest US cryptocurrency exchange , continues to expand the list of cryptocurrencies users can trade on the platform. The exchange has added a new cryptocurrency to its main platform, which is causing an increase in price .

Price Jumped After Listing

An announcement released by the exchange on October 19 stated that it will begin allowing users on the platform to access the  Bounce (AUCTION/USD) cryptocurrency.

The announcement published by Coinbase is as follows;

“Starting today, Bounce (AUCTION) is available on Coinbase.com and the Coinbase Android and iOS apps. Coinbase customers can now send and trade coins. Trading for these assets is also supported on Coinbase Pro.”

Bounce Token
Bounce Token

After Coinbase’s announcement, the price of Bounce increased by more than 40%, while the price rose from $ 32 to $ 45.

Coinbase Effect

New listings on Coinbase often result in significant price increases. However, not everyone agrees that the “Coinbase effect” exists. A report by Coin Metrics in June last year stated that the impact of prices was exaggerated following listing on Coinbase Pro.

The report showed that the new listings on Coinbase did not yield as big a profit as predicted. The results showed that the new tokens listed on the exchange only recorded gains of between 1% and 14% ten days before and ten days after the listing date.

However, some analysts still believe that new Coinbase listings often experience huge price spikes. According to Messari , a popular crypto analytics firm , the Coinbase effect is gaining around 90% in five days.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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