The cryptocurrency market has faced a decline, but Coinbase continues to add new altcoins, which may positively impact their liquidity.
New Altcoins on Coinbase
On August 23, Coinbase announced the launch of three new perpetual pairs: GMT-PERP, OMNI-PERP, and SNX-PERP, set to begin trading on August 28. These pairs focus on GMT, Omni Network, and Synthetix tokens.
Market Response
Following the announcement, SNX saw a price increase from $0.65 to over $0.66, indicating a positive trend after the recent market downturn. GMT peaked at $0.0406, while OMNI Coin briefly surged to $3.49 before falling back to $3.47.
Coinbase Strategy
A spokesperson from Coinbase stated, 'This marks a significant step in our efforts to provide users with diverse trading options.' The introduction of these new altcoins underscores Coinbase's strategic goal to broaden its altcoin selection, strengthening its position in the competitive crypto exchange market.
Coinbase's strategy to add new altcoins may lead to improved liquidity and new trading opportunities amidst market instability.
