After A Surprise Listing Announcement, Coinbase Sparks Rallies For Two Altcoins
Following an unexpected listing announcement from leading US cryptocurrency exchange Coinbase, two cryptocurrencies are soaring.
Managing blockchain-based supply chain project VeChain (VET) and its related token VeThor (VTHO) are now listed for trading on Coinbase, according to a recent release.
The price of VET increased 13% from its Monday low of $0.0146 to a Tuesday high of $0.0165 following Coinbase's statement. At the time of writing, the coin is selling at $0.0163.
VeThor likewise surged from a low of $0.000857 on Monday to a high of $0.00115 on Wednesday, a rise of more than 34%. At the time of writing, the token has been reversed to $0.00107.
VeChain And VeThor Now on Coinbase
Cryptocurrency (or "crypto") can be purchased, sold, transferred, and stored online using Coinbase. In addition to being the top global brand for assisting individuals in converting cryptocurrency into and out of their local currency, their objective is to provide an open financial system for the entire world.
They make it simple to buy and trade cryptocurrency.
The two alternative currencies' trading on Coinbase began formally on Wednesday.
All cryptocurrencies besides Bitcoin are referred to as altcoins (alternative coins). They are alternatives to both Bitcoin and conventional fiat money, which is how they got their name. In 2011, the first alternative coins were introduced, and today there are hundreds of them.
Early alternative currencies sought to enhance features of Bitcoin like transaction times or energy efficiency. The functions of more recent cryptocurrencies vary based on the developers' objectives.
Every cryptocurrency trader should be familiar with how altcoins operate given their importance to the market. Read on to find out more about altcoins' applications, advantages and disadvantages, and much more.
By tracking products and detecting fakes, the VeChain platform's blockchain helps with supply chain management. A "Proof-of-Authenticity" (PoA) consensus method powers the network.
Major corporations like Sam's Club, BMW, and Walmart China are partners with VeChain.
VET and VTHO are the two coins used in the project. The utility token is called VET, and the payment and incentive token is called VTHO.
Vechain claims that the Coinbase listing would promote network growth among its 584,300 followers on the social networking site X.
“As well as offering a secure and trusted custodian for both institutions and individuals, this listing makes accessing and building infrastructure on Vechain much more streamlined for our many professional partners.
There is more to come from this unfolding development, and we greatly look forward to kicking off future phases with the Coinbase team. We continue the march to mass adoption.”
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