Coinbase, which is perhaps the most popular cryptocurrency exchange in the United States, is considering adding another 17 cryptocurrencies including Avalanche, Celo, Chia, Coda, Dfinity, Filecoin, Handshake, Kadena, Mobilecoin, NEAR, Nervos, Oasis, Orchid, Polkadot, Solana, Spacemesh, and Telegram.
If these cryptocurrencies are added in the United States, a decision which will be based on regulations, it is possible each of these cryptocurrencies will see at least a brief rally, which is popularly known as the Coinbase Effect. This is because being added to Coinbase allows a cryptocurrency to be easily accessible to United States residents.
Additionally, investors who use Coinbase have a need to diversify their portfolios, since at this time only 10 cryptocurrencies are available on Coinbase’s retail exchange, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, Ripple, Stellar, Zcash, 0x, Basic Attention Token, and USD Coin.
Ultimately Coinbase aims to list enough cryptocurrencies so that it covers 90% of the cryptocurrency market cap. If this goal is achieved it could help stimulate the altcoin market and may act as a replacement for Binance following the ban of United States users on Binance.
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