It appears that the Coinbase Effect is in full swing.
An hour ago, the leading cryptocurrency exchange announced that it will be listing a new coin on its professional trading platform, Coinbase Pro. The cryptocurrency it listed is Numeraire (NMR), a popular altcoin project from 2017, and it has surged over 100% since the announcement:
“On Monday, August 17, transfer NMR into your Coinbase Pro account ahead of trading. Support for NMR will be available in all Coinbase’s supported jurisdictions, with the exception of New York State. Per previous launches, transfers will open during business hours, Pacific time.”
— Coinbase Pro (@CoinbasePro) August 12, 2020
The cryptocurrency has not been listed yet, though it will be listed on Monday, August 17th. NMR will begin trading on Coinbase should it garner enough liquidity:
“Once sufficient supply of NMR is established on the platform, trading on our NMR-USD, NMR-BTC, NMR-EUR and NMR-GBP order books will launch in four phases, transfer-only, post-only, limit-only and full trading.”
Numeraire is the cryptocurrency that powers Numerai. It is a “San Francisco-based hedge fund that crowdsources artificial intelligence to make investments in major stock markets around the world.”
NMR is up 150% in the past 24 hours, according to Bittrex data shared via TradingView. This surge cements the fact that the “Coinbase Effect,” when tokens listed by the exchange rally due to an increase in market penetration, is in full swing.
The Coinbase Effect: The Altcoin Numeraire (NMR) Jumps 130% On Listing Featured Image from Shutterstock Price tags: NMRUSD Charts from TradingView.com