Investment

The effect of the Coinbase dump reappears as Ankr, Curve (CRV) and Storj rally


On March 23, a “bump” reappeared on Coinbase when the stock exchange announced that it would launch Ankr (ANKR), Curve DAO Token (CRV) and Storj (STORJ) on Coinbase Pro.

A blog post from the highest American cryptobourse established that incoming transfers for ANKR, CRV and STORJ are available from 23 March with trading set to “start on Thursday 25 March or later after 9:00 Pacific Time (PT), provided that liquidity conditions are met.”

CRV / USDT vs. ANKR / USDT vs. STORJ / USDT 1-day chart. Source: TradingView

Although there has been a previous debate about whether or not the Coinbase list could positively influence price movements, today’s announcement resulted in a double-digit gathering of all three projects on an otherwise red market day.

ANKR / USDT

Ankr is a distributed blockchain-based computing platform designed to create an easy and affordable way for developers to deploy multiple blockchains to take advantage of idle computing power from devices and data centers.

4-hour ANKR / USDT chart. Source: TradingView

ANKR has been on a hot wave since early February, rising sharply by 900% from a low of $ 0.011 on February 1 to a record $ 0.109 after Coinbase’s announcement, and several partnership announcements and protocol updates have led to a steady increase in trading.

According to data from Cointelegraph Markets Pro, market conditions for ANKR are favorable for some time.

The VORTECS score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Score VORTECS (green) vs. price ANKR. Source: Cointelegraph Markets Pro

As can be seen from the graph above, the VORTECS score for ANKR started to increase on March 18, reaching a high of 70, about 12 hours before the price increased by 32% over the next two days.

After the withdrawal of the ANKR price on 21 March, VORTECS začal started to rise again and on 23 March, five hours before the price increased by 36% after the announcement of the listing, it started to rise again.

CRV / USDT

Curve Finance is Ethereum (ETH) based on a decentralized exchange and an automated market maker protocol powered by a CRV token. The primary objective of the exchange is to facilitate swaps between stablecoins such as USDC, DAI and other ERC-20 tokens such as WBTC and renBTC.

CRV token holders have the opportunity to enter their shares in the network and participate in the administration vote that governs the future development of the platform, as well as to receive a share of the fees generated by the protocol.

4-hour CRV / USDT chart. Source: TradingView

CRV is benefiting from the growth of decentralized financing (DeFi) during the first two months of 2021, when its price rose by almost 600% from a low of $ 0.52 on January 11 to a maximum of $ 3.67 on February 6.

Data VORTECS z Cointelegraph Markets Pro began detecting a bullish outlook for CRV on March 22, ahead of a recent rise in prices.

Score VORTECS (green) vs. CRV price. Source: Cointelegraph Markets Pro

As can be seen in the chart above, after a sharp rise in the CRV price between 17 and 20 March, the price started to fall, while the VORTECS skóre score started in green at the end of 20 March.

The CRV price continued to fall over the next two days, while the VORTECS score remained stable and turned green several times, reaching a high of 66 on March 22, ten hours before the price would represent 48% of the rally.

STORJ / USDT

Storj (STORJ) is an ether-based token that powers a cloud storage platform called Tardigrade, which uses a decentralized network of nodes to host user data securely using advanced encryption.

When users upload files to Tardigrade, portions of each file are distributed to a global network of independent nodes that store data until someone requests a specific file, then is safely recompiled and made available for download.

This process allows you to securely store files without having to trust a centralized data center, such as Amazon Web Services or Google Cloud. Network users who contribute with their resources, such as unused hard disk space and bandwidth for Tardigrade, receive STORJ tokens as a reward.

4-hour STORJ / USDT chart. Source: TradingView

Since February 23, when the cryptocurrency market reached a low value of $ 0.445, when the cryptocurrency market saw a sharp correction, the price of STORJ has risen by 311% to a maximum of $ 1.83 since March 23 following Coinbase’s announcement.

While the significant rise in prices over the last 24 hours for ANKR, CRV and STORJ shows that the Coinbase impact remains a strong source of price movement, the more important driver of their price action has been the steady growth and acceptance of the project.

From cloud storage, computing power and unused bandwidth to decentralized finance and swap – decentralized networks are growing to the forefront and power without signs of an early slowdown.



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