Coinbase Adds Support For These 3 Major Cryptos, Prices To Rally?

The leading player in the crypto exchange realm, Coinbase International Exchange, announced adding support for three major crypto. This move is sparking discussions about the potential impact of the announcement on these assets’ prices. With the inclusion of Dymension (DYM), Maker (MKR), and Aave (AAVE) perpetual futures, the market is buzzing with anticipation.

Coinbase Adds Support For These Crypto

Coinbase’s recent announcement to add Dymension, Maker, and Aave perpetual futures to its platform is generating significant interest. Starting on or after 9:30 am UTC on August 1, 2024, these new markets will be available.

Notably, the perpetual futures will be available on both of its International and Advanced Exchanges. This strategic addition by the crypto exchange aims to cater to the growing demand for diverse crypto investment options.

Historically, announcements from top crypto exchanges like Coinbase often lead to positive price movements for the newly listed assets. Investors and traders view these listings as a sign of endorsement and legitimacy, which can boost confidence and drive up prices.

Having said that, the inclusion of DYM-PERP, MKR-PERP, and AAVE-PERP markets is expected to follow this trend, potentially leading to price rallies for these crypto.

Also Read: Why Is Crypto Market Down Today, More Selloffs Ahead?

Prices & Performance

The crypto community is closely watching how these new listings will affect the market. Positive news from major exchanges usually triggers price surges, as seen with previous Coinbase announcements. This effect is due to increased visibility and accessibility, attracting more investors and traders to the newly supported assets.

Coinbase’s decision to support Dymension, Maker, and Aave perpetual futures is likely to enhance liquidity and trading volume for these crypto. Increased trading activity often leads to higher demand and, consequently, price appreciation. However, it is essential to consider market conditions and investor sentiment, which can also influence price movements.

Meanwhile, despite the positive announcement, Maker price was down 2.11% to $2,668.77, amid a downturn momentum in the crypto market. Simultaneously, Dymension price slipped nearly 6% to $1.59, in line with the broader market sentiment.

However, AAVE price soared about 1.5% to $94.51 during writing, with its trading volume skyrocketing 127.10% to $165.93 million.

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.