One of the top crypto exchanges right now is Coinbase, Popular for its easily accessible onramp from fiat to crypto. As a result, any asset listed on the exchange gets exposed to more buyers. Coinbase listings are often accompanied by an upward rally, commonly dubbed as the ‘Coinbase effect’.
The same is being expected from the listing of 19 new cryptocurrencies that the exchange is now considering listing.
According to a Friday announcement, these assets include Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Melon, Ocean Protocol, Paxos Gold, Reserve Rights, tBTC, The Graph, THETA, UMA, and WBTC.
Per the announcement, the assets are in a review process that includes technical and compliance analysis of the cryptos in question. Some of these assets might even require regulatory approval in some jurisdictions.
However, Coinbase highlighted that there are no guarantees that assets included in the review list would be listed. The exchange added:
“As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any such asset from active review and potential listing.”
Most of the tokens eyed by Coinbase are trading green right now. Some in the list have performed really well, like Melon (+17.23%), Ocean Protocol (+12.93%), and UMA (+10.05%), according to Coingecko.
At a time when Bitcoin is moving to reclaim its all-time high and several altcoins are rallying, traders are expecting the prices of these tokens to further gain some momentum.
As previously reported by The Daily Chain, a surprise listing of Algorand (ALGO) earlier this month saw the price of the asset jump more than 30% from $0.266 up to $0.378 in less than 24 hours.
Back in May, Coinbase Pro listed Maker (MKR), the governance token for the MakerDAO stablecoin. MKR jumped more than 20% following the listing.However, the so-called ‘Coinbase effect’ isn’t a technical phenomenon and according to CoinMetrics’ analysis, a broader market sentiment is the most significant determinant of the impact a listing is likely to have on an asset.