Binance Exchange Listings Spark Gains For Qtum And NEM (XEM)
Binance has listed two of the most popular cryptocurrencies in as many days; first Qtum (QTUM), with two pairs on Monday (8:46am UTC), followed by NEM (XEM) at 11:45am this morning. Both altcoins have led a market-wide recovery prompted by encouraging G20-related news out of Buenos Aires.
As the first of the two that the world-leading crypto exchange added, QTUM saw its price spike by over 60 percent just eighteen hours after adding the QTUM/BNB and QTUM/USDT pairs. Whilst QTUM has since retracted in value slightly, its 24-hour trading volume has gone from strength to strength; going at roughly 7x its monthly average.
The reason for the relentless trading volume is likely a response to the competition that Binance launched in tandem with Monday’s two new trading pairs.
Indeed, Binance have committed a staggering 50,000 QTUM tokens (~US$1,100,000) to give away to those ‘Binancians’ who rank among the highest QTUM traders (by volume) from March 20th through March 27th. This includes both QTUM/ETH and QTUM/BTC, which have been tradable since last July and September, respectively.
NEM, as the second of the two major Binance listings, had its native token (XEM) paired with Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) on Tuesday. The Hong Kong based cryptocurrency exchange tweeted about the imminent listing almost six hours before going live, and just half an hour later, the price of XEM had increased by 23.6 percent to $0.348. At the time of writing, it has corrected by ~11 percent to $0.304.
Like the whole market, NEM’s native token has plummeted in value in recent months. Offering some respite, earlier this month the price of XEM soared some 20 percent in response to encouraging news that emerged re: the confirmation of reimbursements for Coincheck customers who lost XEM as part of January’s record-breaking cyberattack.
Over the weekend, the heavily criticised Japanese exchange announced that they would delist three top-25 cryptocurrencies, the privacy-oriented trio of Monero (XMR), Dash (DASH), and Zcash (ZEC).
Regarding the more reputable exchanges, Monday’s edition of the well-respected diar newsletter analysed the impact of being listed on certain crypto trading platforms. After looking at “some numbers for tokens that have been trading since 2017 to date,” diar found that the ones both Bittrex and/or Binance chose to list performed far better compared to other notable exchanges like HitBTC, Huobi, OKEx, and Bit-Z.
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