Despite Market Bearishness, Coinbase Could Make This December Meritorious For Bitcoin (BTC) Again
After the turnaround witnessed by nearly all cryptocurrencies towards the end of the previous year, observers and investors are already yearning for another expected massive bull run, as the end of 2018 is just around the corner.
Bitcoin (BTC) do witness skyrocketing price every last months of the year since 2015. Towards the end of the year 2015, Bitcoin was valued around $250, and by December, its price had surged, reaching almost two times its previous value. The year 2016 witness a similar occurrence as Bitcoin rose up with close to 60% value addition in December.
December 2017 marked Bitcoin’s highest ever known value. BTC/USD rose to about $20,000, and this served as memorable ground breaking moment in the history of Cryptocurrency.
While the market is at the moment in its bearish state, investors and observers are expecting the same magic to reoccur in the coming last month of the year.
Despite the fact the shaker month is around the corner, people are still scared whether the price of BTC will actually rise again like they wanted, making them search for other means that could probably bring a turn around to the market.
Anyone who is not a newbie in the space will definitely understand the ripple effect of Coinbase in the crypto space.
Coinbase Ripple Effect on coins
After Coinbase announced that it had listed Bitcoin Cash (BCH) on its platform for trade in December 2017, the altcoin’s price skyrocketed, hitting its all time highest known value, even though Bitcoin plunged by 10% that day. On Sunday 4th November, Coinbase announced that it will be supporting the imminent Bitcoin Cash hard fork on November 15th and BCH value rose from around $470 to $580 within 24 hours.
The likes of Basic Attention Token (BAT) and Ox (ZRX) also witnessed massive value rise following their addition to Coinbase platform for trade.
How will Coinbase heighten Bitcoin’s (BTC) Value as December approaches?
To begin, Coinbase has announced that it is examining some coins for listing on its platform for trade. It has listed BAT and ZRX, and at the moment, the world is looking up to when Stellar (XLM), Cardano (ADA) and ZCash (ZEC) will be made live on the US based platform as they are amongst the coins itemized for examination.
As the year end approaches and the Yuletide season nears, people are beginning to prepare for their holiday thinking of the best means to store value and make transaction. While Cryptocurrency has been seen as an excellent means of executing transitions anywhere around the world, the addition of new coins on the well-respected Coinbase may make people reignite their interest in the use of Cryptocurrency. Definitely a rise in crypto adoption will likely result to value rise.
Also, the renowned exchange recently declared that it made $300 million in a Series E funding, and this increased the value of the firm to $8 billion USD.
According to Coinbase, it plans to use the fund to “accelerate the adoption of Cryptocurrencies,” with the aim of remaining the “entry-point into crypto” for millions of investors.
No doubt, this a great move by the exchange and would likely have a positive ripple effect on the price of Bitcoin and cryptocurrency in general.