3 of 4 Ethereum Tokens Outpace Bitcoin on Day of Coinbase Listing

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Trading of Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA) — all ERC-20 tokens that run on the Ethereum network — today went live on Coinbase Pro, and most received a bump from their listing on the crypto exchange.

CVC, LOOM, MANA, and DNT Listed on Coinbase

In a post earlier today, Coinbase reached out to traders to announce that it had started accepting inbound transfers of the newly listed crypto assets. The San Francisco exchange established that once they acquire enough liquidity, they would begin the trading. Several hours before press time, Coinbase confirmed reaching the said threshold, which prompted them to start a part of their trading services.

“Trading on the CVC, DNT, LOOM, and MANA order books is about to begin,” the company announced later. “These order books will now enter post-only mode. Customers can post limit orders, but there will be no matches. Order books will be in a post-only mode for a minimum of 1 minute.”

It marks the second stage — dubbed as Post-Only — of the overall listing process, as defined by Coinbase at the time of the announcement. The next steps would see Coinbase beginning to match limit orders for CVC, DNT, LOOM, and MANA. And in the final stage, full trading services will be available for these Ethereum tokens, including limit, market, and stop orders.

Tokens Rally Against Bitcoin & Ethereum

On Friday, when Coinbase announced that it was going to add CVC, DNT, LOOM, and MANA to its trading platform, the market of each Ethereum-based token reacted positively, noting decent surges across other crypto exchanges. As of today, each and every coin as mentioned above is undergoing extreme corrections against the US Dollar. But, at the same time, a majority of them have surged against Bitcoin and Ethereum.

Let’s begin by looking at the DNT chart below.

DNT 7D CHART | SOURCE: COINMARKETCAP.COM

DNT at press time is undergoing bearish correction after testing an aggregated high at $0.016321. The coin is now trading at $0.015018, up 3.63% on a 24-hour adjusted chart. Meanwhile, it has surged 8.66% against Bitcoin, now trading at 432 satoshis.

MANA, at the same time, is the least impressive performer among the four crypto assets. Despite a knee-jerk reaction to the Coinbase announcement, the coin failed to sustain near the strong resistance levels. There were attempts from lower levels, but they looked choppy enough to be taken as serious uptrends. Have a look:

MANA 7D CHART | SOURCE: COINMARKETCAP.COM

MANA at the time of writing  is trading at $0.055860, more than 11% down on the 24-hour adjusted timeframe. Against Bitcoin, the coin has dropped 6.6% lower, now trading at 1609 satoshis.

CIVIC and LOOM are slightly better than MANA within the same timeframe. While CIVIC-to-USD rate now stands 4.62% down at 0.056405, its price against Bitcoin is 1624 satoshis, representing a slight increase. Similarly, the current LOOM/USD rate is 0.047803, close to 3.5% down, but it is 1.5% up against BTC, now trading at 1377 satoshis.

However, ripple (XRP), which has a long history of surging on mere rumors that it will be listed on Coinbase, has not seen a similar bounce now that the crypto exchange says it is “exploring” support for this cryptocurrency.

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