ChainLink skyrockets 117.2 percent after listings on Coinbase Pro and Coinbase retail

ChainLink, a blockchain platform aiming to connect smart contracts to external data sources, is on a tear following listings on Coinbase Pro and Coinbase—the altcoin surged 117.2 percent, from $2.03 to $4.41, over the three days the listings were announced. The “Coinbase effect,” where a cryptocurrency’s price surges after its listing is announced on Coinbase, is alive and well for Chainlink. The altcoin highly lauded by speculators surged 117.2 percent three days after its first listing on Coinbase Pro. LINK/USD chart by TradingViewSince the phenomenon was first observed, some sources reported that the Coinbase effect was diminishing. The diminishing impact on price could be attributed to Coinbase’s looser standards for adding digital assets or greater access to reliable exchanges. Yet, nearly all coins listed on Coinbase still immediately see a jump in price following the news. The following coins saw the following percent increase in price eight hours after listing: May 3rd, 2017, Litecoin increased by 3.0 percent. Dec. 19, 2017, Bitcoin Cash increased by 9.9 percent. Apr 17, 2019, Augur increased by 15.3 percent. May 30, 2019, EOS increased by 10.1 percent. One exception to this news was XRP’s retail listing on Feb 28, 2019, which only rose 0.22 percent. However, there is evidence that insider trading from a potential leak of the announcement diminished the price impact of the listing. CryptoSlate will explore the Coinbase effect in greater depth in an upcoming CryptoSlate Research article. Back to Chainlink, the coin saw a 16.3 percent increase 8 hours after its listing on Coinbase Pro, and experienced a 23.5 percent surge 12 hours afterward. Following LINK’s listing on the Coinbase retail platform, the coin surged 34.1 percent; 12 hours following the retail listing it saw a 62.8 percent cumulative jump. The greater impact on Chainlink’s price may be a function of its status as a smaller altcoin with lower volumes and more limited availability on other major exchanges, especially those with a strong presence in the United States. Binance was the exchange with the largest trading volume of the coin prior to the listing. On June 29, Binance recorded 24-hour LINK/BTC volumes of $328 million and LINK/USDT volumes of $193 million. Coinbase quickly became the third largest exchange by volume, with 24-hour volume of $112 million. Chainlink, currently ranked #15 by market cap, is up 58.44% over the past 24 hours. LINK has a market cap of $1.51B with a 24 hour volume of $826.08M. Chart by CryptoCompare Chainlink is up 58.44% over the past 24 hours. Like what you see? Get more Chainlink news in your inbox... Subscribe to CryptoSlate Recap, our daily newsletter containing the top stories and analysis. Sign up to stay informed Filed Under: Altcoins, Coinbase, Price Analysis, Price Watch Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking. View author profile Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.