AAVE and Tezos XTZ arrive on commission-free trading platform Robinhood
- In the bear market where most cryptocurrencies have outperformed Bitcoin, Robinhood announced the listing of AAVE and XTZ.
- Robinhood users now have access to 19 digital assets that can be traded commission-free on the platform.
- Both AAVE and XTZ prices declined nearly 75% over the past year, struggling to make a recovery.
Bitcoin has been outperformed by most altcoins in the current bear market. AAVE yielded 11% gains for holders over the past thirty days and the peer-to-peer transaction token XTZ has started its recovery. Commission-free trading platform Robinhood has listed both these cryptocurrencies on its exchange.
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Robinhood lists AAVE and XTZ, pushes altcoin adoption higher
Robinhood, a commission-free stock trading and investing application has listed two new cryptocurrencies AAVE and Tezos XTZ on its exchange platform. AAVE is a token for an open source liquidity protocol and Tezos XTZ is a cryptocurrency used for peer-to-peer transactions. Both are now available to trade for 15.9 million monthly active users on Robinhood.
The listing of the two new cryptocurrencies is a key step in driving their adoption higher as the commission-free exchange platform draws a wide audience of crypto traders. Robinhood has 22.8 million funded accounts, bringing AAVE and XTZ to a wider audience of traders.
Over the past thirty days, Bitcoin price has remained largely unchanged. At the same time, AAVE yielded 11% gains and XTZ price declined 8%. The peer-to-peer transaction token XTZ started its recovery on October 24.
Robinhood Markets, the trading app of the commission-free exchange now features a total of nineteen cryptocurrencies including Bitcoin, AAVE and XTZ.
AAVE @AaveAave and XTZ @tezos are now on Robinhood #CryptoListinghttps://t.co/QtzBwskSdo
— Robinhood (@RobinhoodApp) October 24, 2022
Both AAVE and XTZ prices are down 75% over the past year. The open-source smart contract platform Tezos recently announced its partnership with Shopify. The new partnership and Robinhood listing could fuel a recovery in the peer-to-peer transaction token XTZ.
Analysts predict 10% drawdown in AAVE
Noobietrade, a pseudonymous crypto analyst applied the Elliott Wave Theory on AAVE-USDT price chart and predicted that wave five could send AAVE price shooting to $92.5. The ABC correction following the end of wave five however could see a correction in price. The analyst says that on completing A, B and C, a 10% drawdown from the current level of $83.24 to $74.1 is likely.
AAVE-USDT price chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
