- Coinbase Pro listed Avalanche’s native token AVAX.
- The cryptocurrency rose 3%.
YEREVAN (CoinChapter.com) – Avalanche, a proof-of-stake smart contract blockchain, landed a listing on Coinbase Pro, a US-based trading platform for advanced investors. However, AVAX, the native token of the blockchain, is yet to experience the “Coinbase Effect,” as it responded with a mere 3% uptrend on Thursday.
Coinbase Pro listed Avalanche
As the exchange announced in a blog post, Avalanche trading will start on September 30 at 9 a.m. Pacific Time, “if the liquidity conditions are met.” Starting Sep. 29, Coinbase accepted inbound AVAX transfers ahead of trading. In addition, AVAX/USD, AVAX/USDT, and AVAX/EUR order books will launch in three phases, typical for any Coinbase Pro listing.
The phases are post-only, limit-only, and full trading. Coinbase also NOTED that they would accept only C-Chain Avalanche tokens, which have addresses starting with 0x. So if users send Avalanche to X-chain or P-chain, they could lose the funds.
In detail, Avalanche has those three chains (C-chain, X-chain, and P-chain) to solve specific tasks on the blockchain.
C-chain is compatible with Ethereum and “enables access to a plethora of tooling and applications” that already run on Ethereum. X-Chain enables fast transfers with quick finality. Finally, P-Chain controls the staking, asset creation and enables the addition of new subnets.
Instead of trying to shoehorn everything under the sun into a single, uniform chain we believe that better results can be achieved with blockchains tailored to specific uses, using virtual machines designed specifically for solving specific use cases
commented the Avalanche team
Fast forward to Coinbase; the platform stated that listing new tokens is the most common request their team gets. Thus, they are expanding that list, incorporating tokens firstly on Coinbase Pro and later on the app and website if the digital asset is in wide demand.
The listed assets typically show a bullish dynamic on the charts in the wake of the listing announcement. However, AVAX was not keen to follow the pattern and gained merely 3%.
Also read: Avalanche grapples with serious bearish outlook despite AVAX’s 57% rebound to record high.
Where is the Coinbase effect on AVAX?
AVAX/USD pair traded at $67 in the Asian-Pacific session Thursday. The digital asset followed not only the listing news but also Bitcoin’s price action. The alpha crypto advanced by 5% and gave an extra boost to the altcoins. Ethereum gained 7%, while Binance Coin (BNB) and XRP put on 3% each.
Avalanche got a confluence of support from the line at $63.6 and a relevant moving average. AVAX has been trading above its 20-day exponential moving average (EMA-20; blue wave) for over a month. Moreover, the relative strength index (RSI; purple graph at the bottom) remained strong, which gave the digital asset a more bullish incentive.
Also read: Bitcoin Mayer Multiple Indicator sparks huge rebound hopes as BTC reclaims $42K
