Is Coinbase responsible for the downfall of the Basic Attention Token (BAT)?

2019-1-16 11:57

When cryptocurrency exchanges announce that a new cryptocurrency is in review and new listings are soon to be added, traders usually welcome the news with excitement as it can only mean that the token or coin will be made available to a larger audience for trading and transacting, which will eventually affect the trading volume of the token on the long run.

However, with the case of Coinbase and the ERC-20 token BAT, it remains puzzling whether the listing limited the token’s adaptability instead of the other way round.  More precisely, traders have been wondering whether BAT’s listing on Coinbase did more harm than good to the growth of the token as it has continued to face consistent declination since the Coinbase encounter. Even though the US-based exchange went ahead to list BAT on its Pro exchange platform, BAT had already lost momentum.

The Coinbase Altcoin effect

Although BAT rose 20% after Coinbase’s announcement, a few days later, the token would go on to drop from the 29th to the 30th spot and even further. At this writing, BAT which had previously been trading at a price of $0.31 has now dropped to the 34th spot, with a struggling price of $0.12 at press time.

This pattern of a short term rally, followed by a long term price drop has been occurring precisely with altcoins and we can notice that in 0x (ZRX). Back on October 11, 2018, ZRX 0x saw an upsurge in trading price as the token moved from $0.63 to $1.01 shortly after its listing on Coinbase. Currently, ZRX is worth $0.29, nearly half of its initial price before Coinbase came along.

This consistent pattern in price decline has lead traders to conclude that perhaps XRP is on the safer side and is probably better off without getting listed on the US exchange platform. However, this conclusion holds no logical point as exchanges are not exactly responsible for the market movement.

The price of a token is solely dependent on trading interest, which seems to be the case for BAT. Seeing that Coinbase is a top exchange, users expect that the token would skyrocket upon landing on one of the world’s leading exchange and that in itself remains impossible. Conclusively, the deflation of BAT is a case of a growing token that is in its early infancy and is still managing to live up to trading expectations, which will inevitably happen, but certainly not at this beginning stage.

The post Is Coinbase responsible for the downfall of the Basic Attention Token (BAT)? appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Waves Community Token (WCT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.05 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.7983 (-100%)

token new trading cryptocurrency downfall basic attention

token new → Результатов: 126


Фото:

Where to buy Paribus (PBX) coin: the new NFTs lending protocol token that has risen 57% in 24 hours

As NFTs continues to gain popularity across the globe a new NFT token has hit the ground running by registering a rise of over 60% since it was unveiled. The surge in price has attracted investors eyeing to invest in the new token for fear of being left out as it takes off for the […] The post Where to buy Paribus (PBX) coin: the new NFTs lending protocol token that has risen 57% in 24 hours appeared first on Invezz.

2021-9-18 18:51


Cresio ICO

Cresio is a platform that mainly offers the possibility of operating simultaneously in multiple exchanges from the same graphical environment, providing multiple signals to operate in the most efficient way possible, as well as providing information on the state of the markets in real time, controlling the balance of its different cryptocurrency wallets, work monitoring in mining pools, information and registration of new Airdrops, among others.

2019-1-15 22:39


IOTA Foundation partners with Crypto Storage AG on an institutional-grade IOTA token storage infrastructure solution

IOTA Foundation partners with Crypto Storage AG on an institutional-grade IOTA token storage infrastructure solution IOTA Foundation, a non-profit designed to support the development and standardization of new distributed ledger technologies (including the IOTA Tangle), has been working quite hard since the turn of the year.

2019-1-11 17:41


ViMarket.io Expands, Rebrands and Reinvents; Welcome to Virse TM, “Connecting the Virtual Universe”, and the ViR Token

Bitcoin Press Release: VR marketplace ViMarket has announced its plans for its new “Virse”, upcoming token sale and Flight Deck VR Lounge Launch at this year’s CES. 11 Jan 2019, Las Vegas, Nevada –  ViMarket Inc has announced its plans for “Virse” ™ and the upcoming token sale of its native cryptocurrency, the ViR (Pronounced […] The post ViMarket.

2019-1-12 12:45


Фото:

Пользователи µTorrent будут получать вознаграждение в криптовалюте на базе TRON

Базирующаяся в Сингапуре BitTorrent Foundation выпустит монету BitTorrent Token (BTT) на базе протокола TRON. Основной функций BTT будет плата пользователям за раздачу файлов. Today we unveil our new token BitTorrent $BTT which features native TRC-10 compatibility and will be exclusively available to non-U.

2019-1-6 15:24