0x has blasted higher as rumours of an imminent Coinbase listing appeared to be confirmed. Posting screenshots on a Medium article, users spotted that the ZRX coin had been added to the reporting section of the Coinbase platform.
ZRX was 16% higher on Monday as investors digested the news and anticipated a surge in volume through the addition to one of the largest and mainstream cryptocurrency exchanges.
The 0x protocol seeks to facilitate the the trading of any type of asset and have been prominent in gaming and prediction markets. In a Medium post in June, the project’s co-founder Will Warren stated their ambition to tokenize financial assets saying,
We envision a world in which all forms of value are tokenized on public blockchains. This includes fiat currencies, stocks, bonds, commodities, debt instruments, real estate, video game items, digital collectibles, software licenses, reputation and much more. …we can build a global financial system that is more efficient, transparent, and equitable than any system that has existed in the past.
ZRX has moved 50% higher from the September lows and is testing resistance near $0.80. Key resistance for ZRX will be around the $1.25 level.
ZRX may continue higher, however this rally highlights the short memory that traders often display. Despite an inital rally, Ethereum Classic (ETC) is 38% lower from its own Coinbase listing announcement in July, however we can give 0x the benefit of the doubt this time as the Ethereum blockchain has been under continued pressure with project’s like Tron surpassing Ethereum’s performance.