Last week, the popular American cryptocurrency exchange, Coinbase made an announcement that excited a lot of enthusiasts but also happened to anger a few. The announcement by Coinbase was that the exchange is considering to support over 30 more digital assets on its platform. Some enthusiasts have been pondering as to why the exchange would release a new list when the previous list wasn’t yet complete. For those that don’t know, Stellar and Cardano were included in the previous list. We think that this is most likely down to the fact that Coinbase wants to constantly keep speculation moving, in order to ensure that Coinbase remains at the front of the minds of all investors.
It has been pointed out by several people that the exchange has gone ahead and listed some almost unknown ERC20 tokens rather than solid tokens linked to solid projects. The four tokens were Civic, Loom Network, district0x and Decentraland. One complaint came from a head analyst at The Block as you can see below:
Listing Civic and Mana is a total joke. Coinbase is losing all the credibility today. Both are literally zombie projects. I’m honestly shocked— Larry Cermak (@lawmaster) December 7, 2018
Nevertheless, on the bright side the new list announced by Coinbase did include XRP and so there is a silver lining for enthusiasts of the digital asset which have been waiting for a listing since the start of this year. Back in January 2018, XRP was reaching levels of $3.84 and traders were confident that the token would be the next asset to go on the exchange.
However, the listing didn’t become a reality and since then the token has spiralled down to its current level, moving around 30 cents. The loss in the value of XRP over the course of the year might have sped up the current bear market which was triggered through regulatory fears worldwide, with further influence from various hacks, scams and of course, the most recent and notorious hash war.
Even though the current state of the market is less than pretty, XRP has been able to become one of the most resilient digital assets in the current bear market. The token has climbed up the ranks of the market in terms of market capitalisation and in recent months it has even overtaken Ethereum.
What are your thoughts? Let us know what you think down below in the comments!