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.
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:
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!
Lauren, a blockchain, and a cryptocurrency strategist has created a project of crypto price predictions for each month.