This article examines the recent price action of Decred (DCR), Matic Network (MATIC), and Harmony (ONE) using fundamental analysis.
Two of these cryptoassets—Matic Network (MATIC) and Harmony (ONE)—had their token launches on Binance Launchpad in April and May respectively.
But what all three of these cryptoassets have in common is that the prices of their tokens went up significantly following yesterday’s announcement by Coinbase that it was exploring the idea of supporting eight new digital assets: Algorand (ALGO), Cosmos (ATOM), Dash (DASH), Decred (DCR), Matic Network (MATIC), Harmony (ONE), Ontology (ONT), and Waves (WAVES).
This is the tweet sent out by the Coinbase team around 18:00 UTC on August 5:
Coinbase is exploring the addition of 8 new digital assets. It’s our goal to offer support for all assets that meet our standards and are compliant with local law. https://t.co/v5yzXUhbSL
— Coinbase (@coinbase) August 5, 2019
Coinbase’s blog post did warn that the decision to list any particular digital asset “requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions,” and so they cannot “guarantee” that any of these assets will ever get listed on any Coinbase product in any jurisdiction.
All price data and charts in the remainder of this article come from CryptoCompare.
Decred (DCR)
At press time (18:45 UTC on August 6), DCR-USD is trading at $32.60, up just over 8% in the past 24-hour period:
Matic Network (MATIC)
At press time (18:46 UTC on August 6), MATIC-USD is trading at $0.01489, up almost 34% in the past 24-hour period:
Harmony (ONE)
At press time (18:45 UTC on August 6), ONE-USD is trading at $0.01255, up just over 23% in the past 24-hour period:
What Binance CEO CZ Thinks About Coinbase’s Announcement
CZ is naturally happy to see that Coinbase is considering listing tokens of two of Binance Launchpad projects since (1) it is a kind of acknowledgment by Coinbase that these projects have some merit; and (2) if MATIC and ONE tokens do eventually get listed on Coinbase, it will bring additional liquidity to these tokens, thereby helping them attract further attention from users and investors. He also joked that it would have been even better if Coinbase had not forgotten about Binance Coin (BNB):
Glad to see @Coinbase supporting 2 of the @Binance LaunchPad projects here. West or east, exchanges working together to grow the industry.
They may have missed one jem, $BNB, lol! https://t.co/rzExqefnnR
— CZ Binance (@cz_binance) August 6, 2019
Featured Image Credit: Photo via Pexels.com
