The Coinbase effect kicked into effect last week after 0x Project, ZRX, became the sixth project to be listed to Coinbase Pro. Both the speculation and the listing resulted in ZRX appreciating from $0.65 to a high of $1.09, a 67% increase. It has since retraced but remains one of the best-performing assets of the past two weeks.
This has sparked traders to reevaluate the prices of cryptocurrencies and reassess their probability of being listed to Coinbase Pro. Cryptocurrencies which traders are assessing as having a higher chance of listing are undergoing increases as the potential appreciation upon listing is priced into the market.
Four projects which many traders are noting on social media as having the best chance of being the next projects listed are Stellar Lumens, Zcash, Basic Attention Token, and Cardano. Numerous traders and analysts have posted claims on social media believing these stand the highest probability of the next to be listed.
How is this assessed? Coinbase has a publicly available framework they take into consideration for listing so market participants can match up the framework criteria to different cryptocurrencies to assess the chance of being listed.
All four are being appreciated as the market reevaluates chances of being listed. Stellar Lumens has appreciated around 20% over the past four days moving from $0.2 to $0.24. Zcash has moved from $109 to $124 over the past four days, an almost 14% increase.
Basic Attention Token has also increased around 20% as it moved from $0.17 to $0.21 over the past four days. Cardano has increased 13% making moves from $0.69 to $0.78. In terms of market capitalization, Stellar Lumens is the largest currently ranked 6th. Cardano, ZCash, and Basic Attention Token are ranked 9th, 20th, and 41st respectively. 0x Project was the lowest market capitalization coin ever listed ranked 25th at the time of listing.
- Traders reevaluate coins after recent 0x Project Listing.
- Coins are matched up against Coinbase framework for listing projects with community believing Cardano, Stellar Lumens, ZCash, and Basic Attention Token to be the strongest candidates.
- All four are appreciating as the anticipation becomes priced into the market.
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