Could listing a new altcoin on any exchange cause a sharp increase in price? Over the past few years, a listing that causes a spike in the price of any crypto asset has become a common sight. A company’s stock is usually traded on one or two exchanges. However, the cryptos of these traditional exchanges can be traded on more than 10 exchanges. Among these, Binance and Coinbase are generally seen as more dominant than the likes of Huobi Global and KuCoin. Meanwhile, XYO, an altcoin, is rising in value and some expect it to be listed on Binance soon.
Why is XYO rising?
XYO uses the same Blockchain technology that underpins other participants in the industry. But XYO’s primary focus is data. It claims to be designed in a way that can increase the validity and value of data. The ‘O’ in XYO stands for Oracle, according to the whitepaper, which also mentions the network’s focus on helping Blockchain developers interact with the physical environment. The network has four elements – one for saving data, one for transferring data to any location, one for encrypting and storing, and the last for querying. XYO Network pinned a post on its Twitter account showing the project’s first live “witness action” involving a drone.
Expectation of listing on altcoin XYO
XYO also talks about the metaverse and how the network has the ability to power the decentralized virtual world. The network-specific XYO token is based on Ethereum (ERC-20). The market cap of the cryptocurrency is over $140 million so far. The price per token is about $0.01. XYO is among the top 200 cryptoassets and the over 2,500 percent increase in 24-hour trading volume makes it interesting. The cryptocurrency has gained over 120% in the last 24 hours. It rose from the intraday lows of $0.006348 to $0.01545.
Several people are talking about the prospect of listing the token on Binance. Meanwhile, another factor seems to have worked. XYO announced that it is listed on an exchange called Bitvavo. Bitvavo is not as famous as Binance, but it is thought that this new listing could make the XYO token more liquid. On the other hand, XYO has mostly traded in the red this year. Also, as we have reported as Kriptokoin.com, it appears among the cryptocurrencies that the SEC considers as “securities”. It is therefore more difficult than usual to say anything definitive about whether the bull run will continue.
The spike in the price of the XYO token is likely due to its anticipated listing on the Bitvavo exchange. There is no concrete news on when the token will be able to be listed on Binance. It is currently listed on other exchanges including Coinbase and KuCoin.
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