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Cardano (ADA), ZCash (ZEC), Stellar (XLM) Soar on Coinbase Announcement

Cardano (ADA), ZCash (ZEC), Stellar (XLM) Soar on Coinbase Announcement

Nick Cawley, Strategist

Coinbase Announcement Sends Altcoins Sharply Higher

  • Coinbase announcement fires up altcoin space.
  • Exchange not guaranteeing market listings.
  • Ripple (XRP) not being considered yet.

Digital Currencies Jump After US Exchange Considers Support

The cryptocurrency market received a shot in the arm over the weekend when US exchange giant Coinbase announced that it is considering the addition of several new assets to its trading roster. The five coins mentioned, Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), ZCash (ZEC) and OX (ZRX) all registered healthy double-digit gains and drove the cryptocurrency market capitalization back above $255 billion, erasing losses seen earlier in the week.

In a series of tweets, Coinbase said that it would be working with local banks and regulators when considering the new assets and that they are not guaranteeing the listing of any of these assets.

We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the US.

Digital tokens normally see a healthy uplift when they are listed as they become available to a wider audience of traders and investors.

Ripple Fans Disappointed

The latest announcement by Coinbase disappointed holders of Ripple (XRP) who continue to seek adoption. The third-largest coin by market capitalization soared at the start of the year on rumours that Coinbase would list the token, before selling off heavily in the last few months when the rumours were denied. Ripple continues to divide the cryptocurrency market over whether the token is a security or not. Ripple bears also point to the substantial holding of XRP held by Ripple co. fuelling heated discussions over XRP’s decentralized nature. Ripple edged higher over the weekend, in-line with the general market, but remains stuck around the $0.44 level.

Ripple Four Hour Price Chart (June 8 – July 16, 2018)

Cardano (ADA), ZCash (ZEC), Stellar (XLM) Soar on Coinbase Announcement

We will analyse these five altcoins at our Weekly Cryptocurrency Webinar on Wednesday.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

What’s your opinion on these five altcoins? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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