As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I can confidently say that today’s events have been nothing short of exhilarating. The listing announcements by Binance for COW and CETUS have sent ripples across the crypto market, much like a well-placed whale’s splash causes waves in the deep blue sea.
The prices for decentralized exchanges COW and CETUS surged significantly after Binance announced their listing.
Today, Binance, the leading cryptocurrency exchange in terms of trading volume, unveiled that Cow Protocol (COW) and Cetus Protocol (CETUS) would be available for immediate trading. This news revitalized traders’ enthusiasm, leading to a significant surge of over 75% in the prices of both these alternative coins.
Tokens listed on significant exchanges often experience increased liquidity due to their exposure to a wider audience. This broadened access can stimulate new interest and fuel market dynamics, potentially leading to increased demand and price movement.
Starting at 12:00 UTC, you’ll be able to start trading COW/USDT and CETUS/USDT pairs on Binance. Before the trading begins, Binance will enable deposits for these tokens, giving users an opportunity to prepare for the market opening.
As stated in the announcement, you’ll be able to make withdrawals for the freshly added tokens from November 7 onwards, which is as planned. Notably, Binance mentioned that no listing fees were charged for these particular tokens.
The announcement also noted that the ‘volatile’ label will be assigned to COW and CETUS because these tokens might have greater fluctuations and risks compared to other platform-listed tokens. Consequently, the exchange intends to introduce real-time copy trading and automated bot support for these volatile tokens – this feature will become accessible 24 hours following the live market launch of their respective pairs.
COW set for more gains
After the announcement, the value of COW significantly increased by more than 79% during early trading on November 6, surpassing the $0.45 resistance level for the first time in six months. This altcoin was being traded at approximately $0.458 when writing, marking a rise of over 100% since the start of this year.
Interest in the COW project grew after it was listed on Coinbase at the end of September. Additionally, a European venture capital firm named Greenfield Capital provided additional funding for the platform on November 5, further fueling optimism and positive discussions about the token.
In the wake of recent surges and an optimistic atmosphere surrounding cryptocurrencies due to Donald Trump’s growing chances in the U.S. election, affluent investors are pouring funds into COW. Over the last 24 hours, COW has been the second most actively bought token by these wealthy individuals, suggesting a high level of trust in its future growth prospects. Check out the details below.
Given the alignment of these factors, it seems that COW is poised to attempt reaching beyond its annual high of $0.48 – a goal that’s slightly more than 4% above its current price as we speak.
At the same time, CETUS experienced a surge of 76%, reaching a new peak at $0.32 on November 6. This impressive rise was primarily fueled by its listing on Binance. Notably, CETUS is the biggest decentralized exchange within the Sui (SUI) network and has garnered attention from investors since it got listed on Kraken Pro in late October. Additionally, its recent collaboration with DeFi aggregator RaidenX has also contributed to its growing popularity.
With CETUS trading now live on Binance, there’s a chance for the altcoin to set its own market value as an increasing number of investors jump at the opportunity to capitalize on the excitement surrounding the coin’s debut.
Listing a token on a prominent exchange such as Binance can initially cause prices to rise, but after the excitement dies down, these newly listed tokens frequently experience increased selling activity due to traders taking advantage of short-term profits.
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2024-11-06 13:18