The Coinbase platform and the increase in the value of digital currencies by more than 50% during this month… What is the common link between them?
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Answer The Coinbase platform and the increase in the value of digital currencies by more than 50% during this month… What is the common link between them?
August is considered one of the hot months, not only in terms of rising temperatures, but also in terms of the rise in the value of encrypted digital currencies and the arrival of some currencies to new records.
On Coinbase, on average, buying any cryptocurrency offered by the platform would result in an ROI of 50% or more.
But which cryptocurrencies are the best performing on Coinbase, which ones have been left behind, if any, and what do they have in common?
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Coinbase swings as the cryptocurrency market ignites in 2020:
According for data Taken a month ago from the price list of San Francisco-based Coinbase, it is clear that cryptocurrencies are on the rise again.
Most of the digital currencies listed on Coinbase are witnessing green indicators in almost all time frames, and most of these currencies rose according to Bitcoin and Ethereum, and these large digital currencies set new records in the year 2020.
The LINK coin is also one of the cryptocurrencies that reached an all-time high, in addition to its competitor, the BAND coin, which also jumped this month in August.
The data showed that the average performance of all digital currencies offered by the platform achieved an ROI of more than 57% as a return on investment.
This means that almost any cryptocurrency could be bought on the Coinbase platform and made a solid return on it.
Coins with 57% ROI on Coinbase:
Among the more than 20 cryptocurrencies listed on Coinbase, the average ROI was 57%.
As for the top five performing cryptocurrencies, they are as follows:
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ALGO coin with 134%, LINK with 111%, followed by ETH and ATOM with 81% and 53%, respectively.
BAND coin beat the above four coins to get the best return, estimated at more than 490%.
Both XRP and MKR were close to the top five, up 49% from last month.
While there were cryptocurrencies listed on Coinbase that performed poorly at all as they declined in various proportions, namely BAT by 5%, followed by Augur by 10%, Ethereum Classic by 11%, and XLM by 12%.
It is not clear why these currencies did not rise with the rest of the emerging currencies, or what that might mean?
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Are these altcoins waiting to explode away from downtrends, or does this indicate a lack of demand for them?
For example, Ethereum Classic recently suffered two attacks with a 51% rate.
Which made the Coinbase platform extend the confirmation times for the coin, which affected it significantly.
It can be said that the digital currencies listed on Coinbase are carefully selected by the platform and they all share the positive investment returns achieved, and some of these currencies were clearly affected by the listing process on Coinbase with what is known as the “Coinbase” effect.
Read also:
Four altcoins outperform Bitcoin in 2020
Ten Must-Read Tips for Trading Bitcoin and Alternative Cryptocurrencies
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