Continuing its active engagement in the cryptocurrency market, Coinbase has marked the start of the month by adding a new altcoin to its listing. The exchange, known for regularly updating its roster with new tokens and delisting others, has now focused on a coin that is also present on Binance. The new listing is sure to stir the market as traders anticipate the effects on the coin’s valuation.
New Addition to Coinbase
Arkham (ARKM), a top 200 cryptocurrency also traded on Binance, will be listed on Coinbase, the company recently confirmed. Arkham, an Ethereum network (ERC-20) token, should not be transferred over other networks to prevent loss of funds. Coinbase has enabled transfers for ARKM in regions that support transactions, with trading anticipated to begin by April 2, 2024, at around 12:00 ET, contingent upon meeting liquidity requirements. The trading will start with the ARKM-USD pair and will incrementally increase as the asset’s supply stabilizes.
Arkham’s Price Movement
Prior to the announcement, Arkham’s price experienced a notable uptick, climbing from $2.4 to $2.6, though it slightly retracted afterwards. Once the news broke, the price surged to a high of $2.8, indicating a clear influence of Coinbase’s listing decisions on market prices. Despite a subsequent drop to $2.6, ARKM showed resilience, maintaining buyer interest at around $2.6840. This activity has also impacted ARKM’s market cap, which rose to $400 million, and its 24-hour trading volume, which saw a 260% surge to over $137 million.
Points to Consider
- Investors should note the significant increase in Arkham’s market cap and trading volume following the Coinbase listing announcement.
- The sensitivity of Arkham’s price to exchange listings is a testament to the influence such actions have on cryptocurrencies.
- Given the inherent volatility in the cryptocurrency markets, traders must exercise caution and remain aware of rapid price changes.
The listing of Arkham on Coinbase exemplifies the ongoing influence major cryptocurrency exchanges exert on market dynamics. Traders and investors might use these events as indicators of potential market movements, but should approach with an understanding of the risks involved in such volatile environments.