Coinbase Listings Boost Altcoin Prices, but There Is One 'If': Coinmetrics

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Tue, 06/23/2020 - 13:52
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Vladislav Sopov
The Coinmetric team, which works in cryptocurrency statistical analysis, revealed a report on the impact of a popular token price catalyst, the 'Listing Pump'
Coinbase Listings Boost Altcoin Prices, but There Is One 'If': Coinmetrics
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Jon Geenty of the CoinMetrics team showcased why we shouldn't overestimate the impact of Coinbase listing announcements on altcoin performance.

Always keep market sentiment in mind

Mr. Geenty compared three preliminary listing announcements, i.e. posts about the 'exploration' of new assets. The Coinbase team posts announcements of this type to reveal that new coins are under evaluation for listing.

The analyst decided to take an announcement made in a bearish market (in late 2018), a 'flat' market (Summer, 2019) and one which was unveiled this June. 

He studied the performance of all of the assets subject to exploration against the U.S. Dollar, Ethereum (ETH), Bitcoin (BTC), Monero (XMR), ZCash (ZEC) and Dogecoin (DOGE) to avoid distorting any trend in the performance of benchmark assets. In 2018, every to-be-listed asset demonstrated relatively pale gains.

Coinmetrics: No 'listing pumps' on bear market
Image by Coinmetrics

The weakest performance demonstrated by the assets in question occurred after the announcement in 2019. The choppy flat of the Bitcoin (BTC) price and the overall market uncertainty erased almost every 'pump' gain that didn't surpass 10% against USD, Bitcoin (BTC) and Ethereum (ETH).

To compare, the last announcement appeared to be a real catalyst. The assets rallied against every benchmark in a matter of days. However, even with this beautiful perspective, the trendy OMG Network Token (OMG) pump looks like an outlier.

2020 announcement resulted in prominent pump
Image by Coinmetrics

Still a good indicator

All in all, the 'Coinbase listing pump' still looks like a reliable representation of short-term runs for the majority of assets. Typically, the price of a token surges by up to 14% against the U.S. Dollar.

Traders should act quickly to take profits from this process. As revealed by this report, most of the time, all gains are mitigated within a 20-day period.

As covered by U.Today Crypto News, the last Coinbase 'exploration' announcement was slammed by Bitcoin (BTC) proponent Max Keiser of Russia Today. He accused the exchange of a 'casino'-like approach and suggested it should be regulated like a gambling platform.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)