Binance Listing Severely Affects ZenCash (ZEN) and Skycoin Price

In anticipation of Binance listing, ZenCash and Skycoin price went sky high registering the gains of about 40 percent. However, ZEN took a deep plunge just after 2 hours while SKY price remain to be seen.

ZenCash (ZEN) goes skywards before taking a nosedive

Well, the cryptocurrency market might be all red right now, but a few selected coins are surely seeing the flecks of green. However, the best way to skyrocket any crypto prices is to get it listed on a reputable cryptocurrency exchange.

Binance is one of the biggest and most popular cryptocurrency exchange. According to Coinmarketcap, Binance is second largest exchange with the 24-hour trading volume of $1.45 billion.

Binance first announced the listing of ZenCash yesterday that has its prices go vertical about 40 percent in anticipation of listing by such a big exchange. This price pump led to a congestion on its network.

The trading was open for ZEN/BNB, ZEN/BTC, and ZEN/ETH pairs. During this two hour fame, ZEN went from $33 to approximately $48. Bittrex and Upbit registered the maximum trading volumes.

However, just after two hours, Binance postponed the ZEN listing stating:

“Due to high congestion on the ZenCash network, Binance will postpone the listing of ZenCash until their blockchain is stable. We will keep ZEN deposits open and provide a further announcement prior to listing. Thank you for your understanding.”

Then, a few hours later, Binance opened the trading again with the explanation:

“As the ZenCash network is now stable, Binance will open trading for ZEN/BNB, ZEN/BTC and ZEN/ETH trading pairs at 2018/05/23 07:30 AM (UTC). Thanks for your support!”

Now, ZEN has come off its high and is again settled on $34.

Also, read: Tron (TRX) Gaining Popularity while Attracting Big Names for Tron SR

Skycoin price surges 40% ahead of Binance listing

Another coin that is tasting the fame in anticipation of Binance listing is Skycoin (SKY). Just like ZEN, SKY surged 40 percent and is currently at $34.33. With a market cap of $300 million, in the last 24 hours, Skycoin went from $25 to $34.

Binance will list the coin tomorrow as stated:

“Binance will open trading for SKY/BNB, SKY/BTC and SKY/ETH trading pairs at 2018/05/24 09:00 AM (UTC). Users can now start depositing SKY in preparation for trading.”

SKY also launched its Testnet yesterday announcing:

“The entire #Skycoin team is proud and excited to announce that #Skywire #testnet is live! Check out the official installation guide and whitelist your miner to participate in this pivotal event!”

For now, Skycoin price has risen, however, it remains to be seen if it will also take a deep plunge in a few hours.

What are your views on ZEN and SKYcoin price rising sky high ahead of their Binance listing? Share your thoughts with us!