0x Rises by Double-Digits as Coinbase Makes Good on Its Promise

U.S. cryptocurrency exchange Coinbase is beginning to make good on its promises, announcing on Twitter that altcoin 0x (ZRX) will be listed on Coinbase Pro, which is a platform for individual traders. 0x is being added across the “ZRX/USD, ZRX/BTC and ZRX/EUR order books,” according to the exchange.

The listing represents the first move Coinbase has made since revealing it was exploring adding several coins over the summer. While the listing doesn’t apply to the Coinbase.com main site or the iOS and Android mobile apps, the exchange tilted its hand to the fact that a listing on these platforms is in the cards eventually. In addition to 0x, Coinbase Pro also supports bitcoin, Litecoin, Ethereum, Bitcoin Cash and Ethereum Classic.

On the heels of the announcement, the ZRX price soared by as much as 20% though it has since trimmed its gains to approximately 14% with the price hovering at $0.77.  The value of the coin has increased by nearly 20% for the week and more than 50% in the last 30 days to a market cap of $419.5 million.

Trading volume is has been higher than normal all week, peaking today at $81 million compared to less than $5 million a week ago as scuttlebutt circulated on social media that a Coinbase listing was imminent, though these rumors are nothing new. Most of today’s volume is unfolding on Binance in the ZRX/BTC trading pair. Meanwhile, the technical signals are mostly bullish, with the MACD and most moving averages across 10, 20, 30 and 50 days signaling a buy.

Source: TradingView

More Room to Run

While the 0x coin price has already pumped, that doesn’t mean its bull run is over. Coinbase has yet to announce a ZRX listing on Coinbase.com or the mobile apps, which suggests there are still several catalysts ahead. Remember when Coinbase announced the Ethereum Classic (ETC) listing over the summer? The process played out over several months, giving the coin several opportunities to rally, which it did.

As a result, it’s possible that there is more room for the 0x price to run. Coinbase has since changed its listing standards, which is expected to pave the way for more altcoin listings that will compete with 0x for traders’ capital. But 0x remains the “first mover” out of the group of cryptocurrencies that the exchange placed a spotlight on weeks ago, and this is working to its advantage.

The remaining coins in the original group that Coinbase announced in July include Cardano (ADA), Basic Attention Token (BAT), Stellar (XLM) and Zcash (ZEC), though the exchange could break from this list given its looser listing policy.

Featured image courtesy of Shutterstock.

Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.