Category Archives: 0x

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The Coinbase Effect: 0x Jumps Nearly 50% After Being Listed On Coinbase

0x (ZRX) has become the 6th cryptocurrency to be listed on Coinbase, the biggest exchange headquartered in the United States. Since ZRX went live for trading on Coinbase its price has surged from USD 0.70 to USD 0.95 as of this writing on 17 October 2018, and briefly as high as USD 1.04, a nearly 50% price increase. ZRX has climbed up the ranks on CoinMarketCap to #22 with a USD 511 million market cap. This can be called the Coinbase Effect, and was observed in the past when Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic were added to Coinbase.

Other examples of the Coinbase Effect include Ethereum Classic, which jumped 25% on 11 June 2018, generating a USD 300 million increase of Ethereum Classic’s market cap. In the 2 months following its listing on Coinbase, Ethereum Classic’s market cap surged a total of USD 800 million. The ultimate example of the Coinbase Effect, so far, is when Bitcoin Cash was listed on 19 December 2017 and rallied 140% within a day, generating an increase in market cap of USD 42 billion. When Ethereum was added to Coinbase on 21 July 2016 it surged 30%, and when Litecoin was added to Coinbase on 3 May 2017 it rallied 130% in about a week, and 220% total during the first 1.5 months after being listed.

Buying and selling of ZRX officially started on Coinbase on 16 October 2018, 5 days after ZRX launched on Coinbase Pro. Now ZRX is available on Coinbase’s website, as well as its Android and iPhone apps, making it easy to buy across the United States. This has led to a direct increase in demand for ZRX, with daily trading volume spiking from USD 10 million on 16 October just prior to the Coinbase listing, to USD 143 million currently.

While some of the ZRX price increase can be attributed to speculation that ZRX’s price would rise due to being listed on Coinbase, users on Coinbase have a true thirst for diversifying their portfolios beyond the 5 major cryptos previously listed on Coinbase, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic. ZRX is the first ERC-20 token to be listed on Coinbase, so its users can finally add an ERC-20 token to their portfolio.

Several other top cryptos are ERC-20 tokens, and these will likely be added to Coinbase in the coming months. It will be easy for Coinbase to add other ERC-20 tokens since they use the same backbone technology as ZRX. Further, Coinbase announced in September 2018 that they will be adding all possible cryptos that are popular and legal, setting the precedent for adding numerous other cryptos, to compete with exchanges like Huobi and Binance which have hundreds of cryptos.

As seen with the ZRX listing, the Coinbase Effect can cause a drastic increase in a crypto’s price and market cap. As Coinbase progressively adds more cryptos, the Coinbase effect could lead to an overall increase in the crypto market cap. The ZRX listing alone has so far led to a USD 100+ million market cap increase.

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Coinbase Lists Its First Ethereum ERC20 Token, 0x

Coinbase, the biggest cryptocurrency exchange headquartered in the United States, has listed its first Ethereum ERC20 token. The lucky ERC20 token is 0x, the #25 crypto on CoinMarketCap with a market cap of USD 414 million as of this writing on 12 October 2018. This opens up the door for many more Ethereum ERC20 tokens to be listed on Coinbase.

Getting listed on Coinbase is major news for any crypto since it makes them easily available throughout the United States as Coinbase is the go-to place to buy crypto in the country. This increases demand and price for any crypto that gets listed on Coinbase. It has been announced a while ago that 0x would likely be added to Coinbase, and 0x began to rally in the middle of September from USD 0.51 to USD 0.77 today, a 50% rally. The rally became more aggressive in the past couple of days due to Coinbase finally listing 0x. 0x is available for fiat to crypto trading on Coinbase Pro, and will soon be rolled out across all Coinbase platforms.

0x is the 6th crypto to be listed on Coinbase, the others being Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic. Coinbase announced near the beginning of October that it was opening a new application process, and was planning on adding every possible crypto to its exchange, eventually becoming like Binance which has hundreds of cryptos available for trading. 0x is just the first of many cryptos that will likely be added to Coinbase, and as seen with 0x, getting added to Coinbase has a very positive impact on a crypto’s market price. Therefore, if Coinbase truly ends up listing all major cryptos, it could have a significant impact on the overall crypto market.

ERC20 is a protocol to make a token using the Ethereum blockchain, which is essentially a cryptocurrency that uses the Ethereum blockchain to secure itself. Numerous major cryptos are Ethereum ERC20 tokens, like Binance Coin, Maker DAO, OmiseGO, Aeternity, Basic Attention Token, Golem, Holo, Augur, Status, Populous, Waltonchain, and Chainlink. These are just the ERC20 tokens that have market caps in excess of USD 100 million, there are many more besides this with lower market caps that are still quite popular.

Now that Coinbase has added 0x, it would be quite easy to add any other ERC20 token since they use the same backbone technology, and considering Coinbase’s new policy to add every worthy crypto, it is likely that many more ERC20 tokens will be added to Coinbase in the coming months.

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