Re-Rise Wave in the Cryptocurrency Market
The cryptocurrency market is rapidly moving towards reaching new peaks with recent developments. Leading cryptocurrency Bitcoin is showing persistent strength above the $76,000 level. While this situation creates an environment of confidence among investors, a significant movement is also observed in the altcoin market. Altcoins record sharp increases, especially after important developments and news flows. In this context, the statement made by Coinbase, one of the leading crypto exchanges, created great excitement.
Coinbase Will List Swell (SWELL) Token!
According to Kriptokoin.com, the market has gained new momentum with Donald Trump’s election victory. This development paves the way for Bitcoin and other altcoins to experience strong increases. Coinbase announced that it will add support for Swell (SWELL) on the Ethereum network (ERC-20 token). This announcement will be made using the ‘Experimental’ label for the altcoin. The stock exchange stated that trading will begin later today if liquidity conditions are met. Once sufficient supply of this asset is ensured, trading operations in the SWELL-USD trading pair will be gradually initiated.
In Coinbase’s announcement, “Coinbase will add support for Swell (SWELL) on the Ethereum network (ERC-20 Token). Do not send this asset over other networks or your funds may be lost.” His expression attracted attention. This statement emphasizes that investors should only transfer the SWELL token through supported networks.
Price Movements of Swell Token
With the impact of this development, SWELL token, which retreated from the peak during the day, started an upward trend again. SWELL price fell to $0.2977 after rising as high as $0.4458. However, after the Coinbase listing news, the price increased to $0.4035. Although it subsequently gave back some of its gains, SWELL was trading at $0.3585 at the time of writing, up nearly 23% on a daily basis. However, no significant increase in the trading volume of the token was observed. This reveals that investors and traders have not yet shown serious interest in this token.
Increasing Activities in the Cryptocurrency Market
Activity in the cryptocurrency market indicates that a buying frenzy is approaching among investors. In particular, the market recorded a significant increase with the global economic developments last week. Leading on-chain analysis platform CryptoQuant noted increased transactions on Binance and Coinbase. According to analysis, these two exchanges recorded a total of $9.3 billion worth of stablecoin inflows. This was the second largest inflow recorded specifically since the launch of stablecoins.
- Binance experienced stablecoin inflows worth approximately $4.3 billion.
- Coinbase recorded $3.4 billion worth of ERC-20 stablecoin inflows.
These two major exchanges received a total of $7.7 billion worth of stablecoin inflows. Additionally, the balance of $1.6 billion was directed to several other smaller crypto exchanges. Analysts state that this situation is a sign that investors are positioning themselves to buy other assets en masse and that the market will rise. Looking at historical data, it appears that similar entries occurred between September 2020 and February 2021 and the market began to rise. This paints a promising picture about the future of the current cryptocurrency market.
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