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cryptocurrency altcoin bull market
Nexo Logo

Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news
Reading Time: 2 mins read
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You can’t teach an old dog new tricks, but apparently, listing an older cryptocurrency on a new exchange can bring back memories of the cryptocurrency bull market that once was.

An altcoin being listed on Binance has resulted in nearly a 100% intraday pump – something that hasn’t been seen since crypto prices and exuberance peaked in early 2018.

Cryptocurrency Exchange Listing Bring Back The Return of The Bull Market Pump

During the 2017 crypto bull market, it wasn’t uncommon to see some cryptocurrency assets – namely altcoins – rise by over 100% or more in a single day.

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Some rallies were driven by organic FOMO buying, while others were simply pump and dump groups manipulating prices to their advantage. More commonly, when a coin was suddenly listed on a new cryptocurrency exchange, prices soared.

Whatever was the case, these sorts of shocking intraday pumps have all but disappeared. Among the first examples of this, was when XRP, also known as Ripple, was listed on Coinbase.

Related Reading | Major Crypto Assets Are Preparing For Powerful Volatility Against Bitcoin 

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Just the rumor of the coin being listed on the platform in late 2017 helped XRP to skyrocket by over 900% to its all-time high of $3.50. When the coin was finally listed on Coinbase, it immediately dumped and has been setting low after low ever since.

However, an older altcoin suddenly being listed on Binance today, caused the asset to rise by nearly 100% in a single day on the USD trading pair, providing what might be the first glimpse into the next bull market.

digibyte token altcoin cryptocurrency bitcoin

DGBBTC Daily | Source: TradingView

Digibyte Token Soars Nearly 100% Intraday Against Bitcoin Following Binance Listing

Today, the world’s most popular cryptocurrency exchange, Binance, listed the altcoin called Digibyte token.

Digibyte token has been around since 2013, reaching a peak of 13 cents at the height of the crypto hype bubble. At its low, prices returned to just a fraction of a penny.

Prices are now trading at over $0.02 per DGB token, however, it’s on the BTC trading pair where the real magic happened.

Related Reading | Venture Capitalist: Crypto Gains Won’t Come As Easy During Next Bull Run 

Following Binance listing the asset, Digibyte token went on a powerful 95% rally in a single daily candle. Profit-taking kicked in quickly, cutting the intraday rally to just 47% as of the time of this writing.

Although much of the rally was already erased, the fact that crypto assets are once again booming on news of nothing more than being listed on a new cryptocurrency exchange is a positive sign that a bull market may be returning to cryptocurrency.

According to some analysts, making money this time around won’t come quite as easily. But if more altcoins pump just due to a cryptocurrency exchange listing, easy money may be right around the corner.

Tags: altcoinbitcoinbtccryptodgbdgbbtcdigibytedigibyte token
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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