The listing of cryptocurrencies on private currency exchanges has traditionally been a were-withal arrangement, wherein the exchanges determine unilaterally (almost) as to which ones get listed in a decentralized world, that is a rather one-sided agreement. However, with or without centralized exchanges we have seen a significant growth of cryptocurrency adoption for many traditional cryptocurrencies.
That being said – there is a significant correlation between Coinbase listing cryptocurrencies on its site (as available) for trade, and the increase in prices of the cryptocurrencies. This is because the listing on Coinbase spurs demand, and gives legitimacy to a cryptocurrency token that is otherwise only traded on peer to peer markets or on bridges such as uniswap.com. As an event study we can observe that the event of listing Algorand increases the price. As an example, one can see the price increase significantly on July 21st 2020.
These changes can lead one to analyze how the returns pare up in a typical event study – as can be analyzed. One can determine the cumulative abnormal returns for algorand upon listing by comparing how much the price changes compared to a standard cryptocurrency index or compared to the price of Bitcoin which has been fluctuating typically. One can also calculate the cumulative abnormal returns by totaling the abnormal returns for the next few days.