2018 has been a bearish market for the world of cryptocurrencies. However, many observers are not yet giving up on the possibility of a Q4 rally. Different experts have their take. There are the likes of Tom Lee who suggests that Bitcoin is headed towards $25K. Also, you have those who think a more moderate rally is coming its way considering Bitcoin has always had a rally in November and December.
But for some observers, it is ideal to take a closer look at the crypto exchange Coinbase. Whenever new coins or tokens are listed in their platform, it comes next that tremendous excitement happens. And eventually, the price of these digital assets usually takes off.
Tokens Going Bullish
ZRX was listed on Coinbase Pro on October 11. By October 16, it was already available in the mobile applications as well as on the regular platform. From $0.66, ZRX peaked to $1.07 after it was listed. That’s an equivalent of around 62% in just a week.
The same thing happened to BAT. It was listed just this 2nd of October. And by the time that it was listed, in just minutes, it experienced 33% gains. It is expected that BAT will go up further once it has been included in the regular platform and the mobile app.
On Sunday, Coinbase was responsible for Bitcoin Cash’s surge. Coinbase announced that it was going to support Bitcoin Cash by 15th of November. But up to what extent is it going to support the Bitcoin Cash?
According to the Coinbase Support team: “We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and Coinbase Pro and Prime beginning 8:00 am PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time”.
Coinbase also explained that it will be monitoring the Bitcoin Cash Network before it evaluates and takes the next steps and re-enable deposits and withdrawals.
And Coinbase isn’t even alone in supporting Bitcoin Cash. In fact, Ledger also announced that it is supporting Bitcoin Cash.
Can Coinbase Trigger a Bull Run?
Coinbase is quite a popular platform. In fact, the term that has been coined for the price movement after a token or coin has been added to the platform is called the “Coinbase Effect”. There are already numerous times when it was seen by the market. Among coins that experienced an increase in price included BAT, ZRX, and BCH.
There are also other cryptocurrencies that are about to be part of the platform including Stellar, Cardano, and ZCash. In addition to this, there is also news that “hundreds of cryptocurrencies” are speculated to become part of Coinbase including that of XRP and TRX. Can this cause another bull run?
Bitcoin has dropped significantly in 2018. And also, it follows that the rest of the other altcoins are going to drop in price as well. But could Coinbase supporting hundreds of other coins really make a difference? Can it somehow help the crypto market get back on its feet?