The prestige and value gained from a Coinbase cryptocurrency exchange has seen most of the cryptocurrencies push for a listing on the exchange. Since Ethereum Classic (ETC) listing, one that caused a 30% increase in the price of ETC, Coinbase has continued to offer signals of listing a few more cryptocurrencies on the exchange as they target the global reach. Of the coins set to gain a listing, ZCash (ZEC) is the only privacy coin currency in consideration, begging the question of why XMR was not placed on the list.
Monero (XMR) currently stands above the rest of the privacy coins in market capitalization and overall adoption rates. As the pioneer in the field of blockchain privacy and with easy compliance routines on the blockchain, Coinbase should start considering the possibility of listing the coin.
Will Coinbase cryptocurrency exchange list Monero (XMR) in future?
The largest privacy coin needs the best crypto exchange
The fact that Monero is still the largest privacy coin in the world and the only one in the top 10 rankings by market capitalization, Coinbase will benefit from the increased daily trade volumes on the coin. Coinbase ranks as one of the best, if not the best, cryptocurrency exchange in the world which would be a big boost to XMR too if listed.
Privacy coins are on the up in adoption rates in the last couple of months as more crypto fanatics move away from the public blockchains in a bid to keep their transactions as private as possible. With more people coming in to this sector of the crypto market, Coinbase will relish the chance to have the largest of the bunch on their exchange.
ZCash (ZEC) the only real competition to Monero’s privacy technology
The past few years has seen a growth in the adoption of privacy coins as more cryptocurrency enthusiasts aim to obscure the transactions made on the blockchain. This saw the development of Dash (DASH), ZCash (ZEC) and Verge (XVG) amongst many more in a bid to fill up this market demand. With each blockchain project offering a unique technology to ensure privacy, only ZCash’s ZK-SNARK technology is proving a match to Monero’s Ring Confidential Transactions (Ring CT) technology.
Unlike other classes of coins, privacy coins prices depend heavily on making the platform as private as possible hence the need for a highly developed private system by the teams. As ZEC is already placed in the running to gain listing, overlooking Monero will be a tough decision for the management team at Coinbase exchange.
Price analysis of XMR
The past few months have been rough on the general market as the overall market capitalization continues to struggle to keep its head above the $200 billion USD mark – this was Bitcoin’s market capitalization in January. Monero (XMR) has fared no better as it currently trades at $105.37 USD, representing a percentage fall over the last 24 hours.
The coin has a total market capitalization of $1,740,657,975 USD placing it top of the privacy coins and 10th on the log according to Coinmarketcap.