Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Exchange Listings That Sparked a Bull Run of a Coin
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A Brief on Bull-Runs
A bull run or bull market is a lengthy period of strong market growth and explosive price gains. Usually, high investor confidence and positivity characterize it. Also, it generates feeding into the market trend and causes far-reaching price growth. However, this definition of a bull run is flexible. Other factors have to play their part, too. This article will use a common example of prices increasing by 20% after a previous significant (preferably 20%) dip.Notable Exchange Listings that Sparked a Bull-Run
While crypto exchange listings are a strong link between crypto projects and investors, they can also be catalysts to a bull run. However, this article will emphasize bull runs that start with listing a coin in exchange. Digital assets that witnessed substantial growth from a combination of exchange listings may not exist if the trigger wasn’t their listing. Other factors that might provoke them include soft forks or software upgrades. Below are notable exchange listings that sparked a bull run in the specific coin.ADA Listing on Binance
The Cardano blockchain has been hitting the charts lately for all good reasons. Its price has gained ground significantly since the start of the year. It’s all thanks to its high focus on achieving the title of the most decentralized coin. ADA’s price, however, swung from a bearish market sentiment to a bull market in March of 2021 following its listing on Coinbase. The coin enjoyed an impressive bull run from late December 2020 to mid-February 2021 before hitting a brick wall. The downtrend that led to long-term market risk of a slight reversal could wipe out profits. However, the Cardano team and the Binance exchange announced the listing of ADA on the world’s largest crypto exchange by market cap. The action changed market sentiments and sparked a new bull run starting in mid-March 2021. The run was extended to May 16th, 2021, reaching an all-time high price of $3 that is yet to be surpassed. Price movements of mid-August 2021 suggest that the price peak set after listing may not hold for much longer.Ethereum Listing on Coinbase
Ethereum has come a long way, and so has the exchange platform Coinbase. It had been on a sluggish market performance before its listing on Coinbase. The coin’s price fluctuated between $8 to $14 for close to a year. Moreover, this wasn’t a bear market. The price movement had been sluggish for months, providing prime conditions for a market to swing to either bearish or bullish if given a trigger. Coinbase, on the other hand, had been a Bitcoin-exclusive crypto exchange platform, with investors still waiting to see another rival crypto to be listed. However, the potential of Ethereum’s Decentralized Finance system made it reconsider and announce a listing on May 24th, 2016. Ether’s price, in turn, experienced tremendous growth. It sustained the bull run to peak at 20.65 on June 17th, 2016. Also, it gained 42% following the listing in three months. The coin wouldn’t go past the set peak again until mid-March of 2017, nine months later.Dogecoin Listing on Coinbase
It is quite rare when key crypto investors take a meme coin seriously. Their prices jump at the slightest positive mention by big influencers. Therefore, meme coin use cases must be better than other cryptocurrencies and the blockchain community. Despite all that, Dogecoin has been a big beneficiary of its 1st Coinbase exchange listing in June 2021. The coin gained a whopping 25% in value in just a day on the mention of the listing. Moreover, the gain followed a sustained bearish run since its peak in early May. You should note that bull-runs and bear-runs in Dogecoin and other meme coins tend to be much shorter than average. This is because digital assets are susceptible to market sentiments and influencer perceptions hence over-the-top reaction figures.
Conclusion – Exchange Listings Influence
Exchange platforms have proven to be a very vital part of cryptos. As a result, many Altcoins strive to become listings on large exchanges as they offer wide access to crypto investors. Regardless, this article proves that they do more than offer a link to investors. A crypto listing shows confidence in the said crypto and could trigger a sustained bull run. The cases of ADA, Ethereum, and Dogecoin show this phenomenon well. It is even more effective when timed to boost an otherwise sluggish performance, as in Ether. It is also useful when a pullback threatens to be a long-drawn bear market, as in the cases of ADA and Dogecoin.
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Wayne Jones
@wjones
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