New dimension of exchange impact: Effect of listing announcement

2019-3-30 15:30

For projects on the digital asset market, being listed with good exchanges or trading platforms brings liquidity and recognition. An exchange with decent reputation could be a real value-add to cryptocurrencies it list. Therefore, after an official listing announcement is released, the price change acts as an indicator which reflects the market impact of that platform.

1. Phenomenal Performance of “CoinBase Effect”

When it comes to the effect of listing announcement, CoinBase’s announcement of Bitcoin Cash on Dec. 20, 2017, served as an example. At that time, right after Coinbase announced the listing of BCH, the price was almost doubled within 24 hours from $2,240 to $4,330. This impressive rise spoke for the market’s recognition of CoinBase back then.

Coinbase effect on BCH | Source: Block 72

Exchange Currency released Date of release Content Biggest increase CoinBase ETC Jun. 11, 2018 Online soon 28% CoinBase ETC Aug. 7, 2018 Open trading 21%

Fig. “CoinBase Effect” on ETC Listing

However, while the market went downwards, CoinBaselowered its standards of listing projects and showed a tendency to prioritize quantity before quality. The“CoinBase Effect” became weaker. Take XRP and XLM that were recently listed on Coinbase as examples:

Exchange Currency released Date of release Biggest increase CoinBase XRP Feb. 27, 2019 10% CoinBase XLM Mar. 14, 2019 11%

Fig. “CoinBase Effect” on XRP and XLM Listing

2. “Kimchi Premium”

Listing announcements by Korean exchanges can also have a positive impact on token prices, as shown by the so-called “Kimchi Premium”. Because of the great enthusiasm of Korean people in digital asset trading, the price of one cryptocurrency on Korean exchanges could be much higher than the global average. Thanks to the “Kimchi Premium”, official announcements by the two leading Korean exchanges, Bithumb and UPbit, may lead to recognizable price rise; and thus, many projects make very strong efforts to be listed with those two exchanges.

Kimchi Premium Effect on HDAC | Source: Block 72

“Kimchi Premium” Effect of Bithumb | Source: Block 72

Exchange Currency online Date of release Biggest increase Bithumb GXC Mar. 21, 2019 25% Bithumb NPXS Feb. 28, 2019 22% Bithumb HDAC Feb. 28, 2019 80% UPbit ENJ Mar. 18, 2019 37% UPbit CTXC Feb. 14, 2019 20%

Fig. “Kimchi Premium” Effect of UPbi

3. “New Price Driver” from Asia – BitMax.io [BTMX.com]

The driving power of the token price is not an exclusive “patent” to long-existing head exchanges. Listing announcement by a newly established trading platform with a comprehensive set of products and service, industry-leading technical support, and highly-active globalized community can also have a positive influence on the project token price. One example is BitMax.io [BTMX.com].

In a recent survey on Twitter by influencer Rebecca, BitMax.io beat Huobi and UPbit and won the first place, when people were asked on which exchange they would prefer Uranus to be primarily listed.

A survey by Third Party | Source: Block 72

This “Driving Force” of BitMax.io listing announcement is proved by three projects that were recently listed: Fantom, Aergo and Fetch. After the announcements were released, the prices of all three projects rose significantly.

“Driving Force” on Fantom [FTM] Price by BitMax.io Listing Announcement | Source: Block 72

“Driving Force” on Aergo [AERGO] Price by BitMax.io Listing Announcement | Source: Block 72

Exchange Currency released Date of release Biggest increase BitMax.io AERGO Mar. 17, 2019 20% BitMax.io FTM Mar. 12, 2019 26% BitMax.io FET Mar. 17, 2019 16%

Fig. “Driving Force” on Fetch [FET] Price by BitMax.io Listing Announcement

The founder of BitMax.io indicated that the team has been talking and exploring a possible partnership with at least 20 projects at this moment. To some projects, even talking with BitMax can lead to a price rise. The users forward to see that BitMax adheres to its commitment to listing only industry top-quality projects and maintains its positive impacts for more and more listing partners.

The post New dimension of exchange impact: Effect of listing announcement appeared first on AMBCrypto.

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