June 11, 2020
By Benson Toti
The past 24 hours have seen a dozen or so altcoins gain more than 10% on news that US-based cryptocurrency exchange Coinbase was looking to add support for nearly 18 digital assets.
Digibyte, Bancor and Vechain are among several tokens outperforming major altcoins after Coinbase’s announcement.
According to Coinbase, its team would use its Digital Asset Framework evaluate and decide on the listing of any of the following crypto assets: Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Network, Siacoin, SKALE Network, Synthetix and VeChain.
In the past, Coinbase listings have been bullish signals for digital assets. Digibyte has surged over 19.5% on the day, from lows of $0.016 to $0.0197. Digibyte is trading up by more than 24% then on its price a week ago.
Vechain’s price has gained more than 18% to see its price rise from $0.0081 to $0.0098 on intraday volumes of more than $101 million. The altcoin is up 38% in the weekly charts.
Another top gainer due to the Coinbase announcement is Bancor; spiking by close to 20% in the past 24 hours on rising volumes. The crypto asset is now more than 47% up over the past seven days.
Siacoin, ranked 59th on CoinMarketCap, has gained over 13% on the day to see its value increase more than 7% on weekly charts.
As altcoins rally, the crypto community has not relented in its call for a mass exodus from Coinbase. This follows the recent outages and reports that the company was likely to offer its intelligence platform to the Internal Revenue Service (IRS) and the Drug Enforcement Agency (DEA).