Coinbase Adds New Coins, Matic Network Skyrockets By 60%

Coinbase adds new coins to its platform in a bid to be more competitive towards the Binance crypto exchange as we read previously in the latest cryptocurrency news today.

The San Francisco based crypto exchange announced the potential of adding multiple new cryptocurrencies this week and one of them- Matic Network jumped over 60 percent in the past 24 hours since the announcement. With a volume of about $100 million, the Matic price increased from more than 99 satoshis or 1 US cent to more than $.017. This could represent a significant gain and it could represent a perfect selling opportunity.
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Matic is the scaling solution that is built on the Plasma network and it officially describes itself as:

 “Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.”

The token is able to incentivize validators who live on the Matic network and the value derives from the demand of the network resources. Up to date, there are two decentralized applications that work on Matic. The altcoin already lost a huge chunk of its gains and this is the effect that some of the people call the ‘’Coinbase effect.’’ Other cryptocurrencies including Decred, Dash and Algorand were also added to the platform and right when they were added they shed some of their value. Algorand lost about 3% and Dash lost about 5. When Coinbase announced they are considering adding Ripple on the list, the price surged up to 50 cents:

 “Importantly, the announcement seems to indicate that Coinbase — heretofore one of the most exclusive major exchanges — will list a cavalcade of new assets, which the firm identified as one of its customers’ chief requests.”

Almost a year later, Ripple was listed on Coinbase and the price dropped to $0.31. The hard data on the Coinbase effect when Coinbase adds new coins are elusive. We know that the exchange has more than 30 million users and it is one of the best on-ramps for the crypto economy. However, as we can read in the altcoin news today, it is unknown which factors exactly might need to be considered when figuring out the Coinbase effect.