0x (ZRX) On Fire, as Coinbase Adopts ERC-20 Handling By Cryptovest


0x (ZRX) On Fire, as Coinbase Adopts ERC-20 Handling

The 0x (ZRX) digital asset bounced off the recent lows following the news that Coinbase is adding custody of ERC-20 tokens. Some ascribe the enthusiasm for the token to a potential listing on GDAX, possibly also Coinbase:

In March, even after the recent recovery, ZRX is far from its peak prices above $2, and has lost more than half its value compared to the peak BTC-denominated prices.

Despite the encouraging sign, this recovery looks quite slim in perspective, as volumes are yet to show a steady inflow. In the past, other assets have risen at the smallest hint of a connection to Coinbase. But this time, adding new coins to the small portfolio is highly uncertain.

It must be noted that an addition to Coinbase has worked well for some assets, such as (LTC). In that case, the position of Charlie Lee as former director of technology on Coinbase may have swayed the decision to add the asset. This led to a rapid appreciation of LTC since the summer of 2017. But so far, no other asset, including (BCH) has repeated the feat, and Coinbase remains an option only in speculation.

At the end of last year, the exchange service stated it would add new assets, but so far has been very conservative about expanding its portfolio. This may mean that the hype for ZRX may be very short-lived.

Toward the end of march, tokens continue to be shaky, and itself has been sliding, down to around $460 on selling pressures and lowered volumes.

Tokens Trading on 0x

The 0x project is already operating the ercdex.com decentralized exchange, allowing users to trade tokens in a trustless, decentralized way through their Metamask wallet.

The exchange still has a relatively limited selection of tokens, leaving out many recent ICOs, as well as older ones. But decentralized exchanges are trying to make their way as a viable option to listings, which may require additional fees.

Compared to EtherDelta, the 0x project is striving for better user-friendliness.

This article appeared first on Cryptovest

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Related Posts

Add Comment