Coinbase Announcement Sends Five Cryptocurrencies Into Double-Digit Growth
Earlier today the Coinbase team took to Twitter to announce a new batch of coins which they are considering adding to their platform.
Making up the five were Stellar (XLM), Cardano (ADA), Zcash (ZEC), Basic Attention Token (BAT) and Ox (ZRX).
A few hours later and all five coins mentioned have exceeded 10% gains for the day, with three exceeding 15%, and one hitting 30% growth in the last few hours. All of them spiked at the same time, within minutes of the announcement at around 8.30pm (UTC).
The announcement is a powerful force in the crypto world; let’s take a closer look at the impact of the Coinbase tweet on today’s trades.
Stellar began the day at $0.181 and stayed there until just over two hours ago when it suddenly spiked 11% – pushing XLM coins up to a value of $0.201. This edges Stellar closer to a return to the weekly high of $0.210, which may come in the next few hours if the current trend sustains.
BTC trades make up the majority on Binance, with Tether (USDT) being the second most popular trade.
At the time of the spike, Stellar’s daily volume jumped by $14 million, which happens to be the same volume of BTC trades on Binance.
Cardano jumped 12% in the last two hours en route to a a value of $0.141 and a $31 million increase in daily volume numbers. As you can see, the influx of new money came sharp and fast.
At the time of writing, ADA coins have reverted to the $0.139 mark, but are beginning another push as I type. Once again, Binance’s BTC and USDT trades make up the bulk, while KRW trades also account for 25% of the daily total.
Zcash began the day at a value of $153.12. There was some mild growth throughout the day, but when the Coinbase tweet rang out it triggered a 17.5% growth as ZEC coins jumped from a price of $157.61 to $185.12 within twenty minutes.
Since then it has rebounded to around $177, but is now pushing past $179 at the time of writing.
Ox is today’s biggest grower in the top-100, marking 33.3% growth with price jump from $0.75 to $1.00 since this morning. Taking a reading from the time of the Coinbase announcement shows 16% growth since the time of the tweet.
Ox’s daily volume has increased four-fold since this morning.
Basic Attention Token (BAT)
From the time of the announcement BAT tokens have spiked 17.8% in value – jumping from $0.280 to $0.331. This morning BAT tokens were at a price of $0.265, marking a 24.9% increase over the course of the day.
While some of these coins were already growing throughout the day, their volumes remained unchanged up until the moment of the announcement, at which point they all began to multiply. With the exception of Mixin (XIN), these all today’s biggest gainers out of the top-100.