Coinbase Unleashes Ox; Volumes Hit Five-Month High; ZRX/USD Surges
Ox (ZRX) is the latest cryptocurrency to feel the benefits of the Coinbase treatment, and on Wednesday morning trade volumes surged to new five month highs.
Coinbase Pro, the dedicated trading wing of the Coinbase platform, has seen $29 million worth of ZRX trades pass through their books – less than twenty-four hours after exposing the Ethereum-based token to the market.
This morning’s surge saw ZRX peak at $1.07 before the momentum cooled – the highest valuation in nearly three months. Even at the current valuation in the $0.90 range, that still leaves ZRX up 76% for the last thirty days.
From Tuesday’s valuation of $0.737949, Ox surged to 44% gains in just over twenty-four hours en route to the $1.07 peak. That was accompanied by a 1,544% increase to trade volumes, carrying total trades from $9 million to $148 million – the highest in five months.
Binance remains the exchange fronting the highest concentration of trades, with over 50% coming from its ZRX/BTC and ZRX/ETH trades. However, Coinbase Pro now accounts for around 18% of all ZRX trades, equalling around $29 million in less than a full day.
The Coinbase Effect
As per the official announcement by on the Coinbase Medium blog:
“Starting today, Coinbase supports ZRX at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store ZRX, along with Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin.”
Also noted is that UK and New York customers will not yet have access to ZRX trades, owing to regulatory concerns in those regions, meaning today’s momentous ZRX action has come without the benefits of playing with a full deck, so to speak.
Some of you may remember the last cryptocurrency that got to experience the Coinbase treatment – Ethereum Classic (ETC). Back in early July ETC surged over 30% on the back of the Coinbase announcement, and was bolstered by it during the market wide dip of August.
Since then the effect has been less felt, with less than 1% of ETC trades coming from Coinbase Pro in the last twenty-four hours.
Ox is a rare exception in the crypto world right now. Here at the end of 2018 most coins are many hundreds of percent below their all-time highs. Yet with this morning’s surge to $1.07, Ox was briefly just 116% off its ATH.
For some perspective, if Ethereum (ETH) grew in value by 116% it would be priced at just over $400 – some way off the ATH in the $1,400 range. If Ox trade volumes rise by another $6 million today, they will have reached levels not seen since the surge of January 2018.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.