Coinbase listing effect reemerges as Ankr, Curve (CRV) and Storj rally

Coinbase listing effect reemerges as Ankr, Curve (CRV) and Storj rally

On March 23 the Coinbase listing 'bump’ reemerged as the exchange announced that it would list Ankr (ANKR), Curve DAO Token (CRV), and Storj (STORJ) on Coinbase Pro.  

A blog post from the top U.S.-based cryptocurrency exchange stated that inbound transfers for ANKR, CRV and STORJ are available beginning March 23 with trading set to “begin on or after 9 AM Pacific Time (PT) Thursday, March 25, if liquidity conditions are met.”

Our top trading bots

Coinbase listing effect reemerges as Ankr, Curve (CRV) and Storj rally
CRV/USDT vs. ANKR/USDT vs. STORJ/USDT 1-day chart. Source: TradingView

While there has been previous debate as to whether or not a Coinbase listing could still affect price movement in a positive way, today's announcement resulted in double-digit rallies for all three projects on an otherwise red day in the market.

ANKR/USDT

The Ankr network is a blockchain-based distributed computing platform that aims to create an easy and affordable way for developers to deploy multiple blockchains to leverage idle computing power from devices and data centers.

Coinbase listing effect reemerges as Ankr, Curve (CRV) and Storj rally
ANKR/USDT 4-hour chart. Source: TradingView

ANKR has been on a hot streak since the beginning of February, with its price skyrocketing 900% from a low of $0.011 on Feb. 1 to a record high of $0.109 following the announcement from Coinbase and multiple partnership announcements and protocol upgrades led to a steady increase in trading volume.

According to data from Cointelegraph Markets Pro, market conditions for ANKR have been favorable for some time.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Coinbase listing effect reemerges as Ankr, Curve (CRV) and Storj rally
VORTECS™ Score (green) vs. ANKR price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for ANKR began to pick up on March 18 and reached a high of 70, roughly 12 hours before the price increased 32% over the next two days.

Following a pullback in ANKR price on March 21, the VORTECS™ again began to climb and reached a high of 76 on March 23, five hours before the price spiked 36% following the listing announcement.

CRV/USDT

Curve Finance is an Ethereum (ETH) based decentralized exchange and automated market maker protocol that is powered by the CRV token. The primary goal of the exchange is to facilitate swaps between stablecoins like USDC, DAI and other ERC-20 tokens like WBTC and renBTC.

CRV token holders have the opportunity to stake their coins on the network and participate in governance votes directing the future development of the platform as well as receive a share of the fees generated by the protocol.

Coinbase listing effect reemerges as Ankr, Curve (CRV) and Storj rally
CRV/USDT 4-hour chart. Source: TradingView

CRV benefited from the growth of decentralized finance (DeFi) during the first two months of 2021, seeing its price rally almost 600% from a low of $0.52 on Jan. 11 to a high of $3.67 on Feb. 6.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CRV on March 22, prior to the recent price rise.

Coinbase listing effect reemerges as Ankr, Curve (CRV) and Storj rally
VORTECS™ Score (green) vs. CRV price. Source: Cointelegraph Markets Pro

As seen in the chart above, following a spike in the price of CRV between March 17 and March 20, the price began to fall while the VORTECS™ score began turning green late on March 20.

CRV price continued to decline over the next two days while the VORTECS™ score remained stable and turned green on several occasions, reaching a high of 66 on March 22, ten hours before the price would stage a 48% rally.

STORJ/USDT

Storj (STORJ) is an Ethereum-based token that powers a cloud storage platform called Tardigrade that uses a decentralized network of nodes to host user data in a secured way using advanced encryption.

When users upload files to Tardigrade, pieces of each file are distributed to the global network of independent nodes which store the data until someone requests a specific file, at which point it is securely recompiled and made available for download.

This process enables secure file storage without the need to trust a centralized data center such as the Amazon Web Services or the Google Cloud. Users of the network who contribute their resources like unused hard drive space and bandwidth to Tardigrade earn STORJ tokens as a reward.

Coinbase listing effect reemerges as Ankr, Curve (CRV) and Storj rally
STORJ/USDT 4-hour chart. Source: TradingView

Since reaching a low of $0.445 on Feb. 23 when the cryptocurrency market experienced a sharp correction, the price of STORJ has rallied 311% to a high of $1.83 on March 23 following the Coinbase announcement.

While the significant price growth over the past 24-hours for ANKR, CRV, and STORJ demonstrate that the Coinbase bump remains a potent source for price movement, a more significant driver of their price action has been the steady growth and adoption of project.

From cloud storage, computing power and unused bandwidth to decentralized finance and exchanges, decentralized networks are growing in prominence and strength with no signs of slowing down anytime soon.

Continue reading about Cointelegraph
NFT innovator HODL Assets acquires blockchain social commerce firm CoinLinked
HODL Assets, a nonfungible token (NFT) aggregator platform, has announced the acquisition of blockchain-based social network and commerce platform CoinLinked.According...
3 developments signal that Verasity (VRA) price may have bottomed
The marketwide sell-off on May 19 triggered a 55% decline in the price of Bitcoin (BTC), and altcoins were hit even harder, with some tokens seeing declines...
Biden’s infrastructure bill doesn’t undermine crypto’s bridge to the future
It was a topsy turvy week — “staggering,” a crypto veteran called it. One that saw United States Senator Ted Cruz and Senator Ron Wyden collaborate on behalf...
Russia grants $200K to build tool for tracing crypto transactions
Federal authorities in Russia are moving forward with a plan to closely monitor cryptocurrency activity for illicit transactions and deanonymize crypto...
Coin98 gains 1,200% after Binance listing, Ampleforth soars on Aave integration
Few things in the cryptocurrency space generate more hype than a new token listing because the prospect of finding a rare 1000x coin continues to be a top...
A decentralized app store might lead crypto toward more centralization
The estimated windfall Apple got from its App Store in 2020 is $67 billion. That’s up from $50 billion in 2019, a 28% increase. Even as the company has...
Hedge fund manager Alan Howard invests in two crypto startups
Billionaire hedge fund manager Alan Howard continues backing the cryptocurrency industry with fresh investment in two digital asset startups.The co-founder...
Google reversing crypto ads ban a testament to blockchain market maturity?
The term “unpredictable” has almost become synonymous with the crypto industry at this point, as was on full display recently when technology juggernaut...
Community members integrate play-to-earn features into Dark Forest game
Players of the decentralized real-time strategy game Dark Forest have introduced new and innovative ways of earning cryptocurrency within the virtual ecosystem.The...
Do 46 million Americans really own crypto?
Crypto social media was abuzz after Newsweek published the article headlined “46 Million Americans Now Own Bitcoin, As Crypto Goes Mainstream” on May 11....
Cryptocurrency firm Paxos to apply for clearing agency license
(Reuters) - Cryptocurrency firm Paxos said on Tuesday it will apply for a formal clearing agency license from the U.S. Securities regulator following a...
Delta Exchange completes $5M token raise following investments from DeFi players
Delta Exchange, a cryptocurrency derivatives platform, has successfully concluded a $5 million private sale of its native Delta Exchange Token (DETO), setting...
Smells like NFT spirit? Look Labs launches first digital fragrance
Look Labs, a contemporary beauty and lifestyle studio founded in Berlin, Germany, has launched the first digital fragrance encoded into a non-fungible token,...
PhD Student Won DNA Deciphering Contest, Receiving Bitcoin as an Award
A unique contest among science students has been completed this week. Scholars had to decrypt secret messages in a DNA tube in order to receive a unit...
Slow-Speed Transactions Have Gone To Past With Bankex Solution
People are spending millions ETH for Cryptokitties, like crazy. We know, you have already bought one, and we also know you become outraged because of the...