- The XYO Network is primarily focused on data validity within the decentralised world of blockchain
- The XYO token’s recent listing by an exchange has likely lifted its price
- XYO’s Binance listing date is now known, and in 2022, the token has continually lost value
Can a new listing of a cryptocurrency on any exchange lead to a steep rise in price? Over the past few years, a listing resulting in a jump in the price of any cryptoasset has become a common sight.
In contrast to the stock market, where a company’s shares usually trade on one or two exchanges, cryptos can trade on more than 10 exchanges. Among these, Binance and Coinbase are usually seen as more dominant than others that include Huobi Global and KuCoin. As of writing, one crypto, XYO, is surging in value, with some anticipating its impending listing on Binance.
Let us explore what is underneath the bull run in the XYO token.
What does the XYO Network do?
XYO is harnessing the same blockchain tech that underpins other participants of the sector. But the primary focus of XYO is on data. It claims it is designed in a way that can improve the validity and value of data. The ‘O’ in XYO represents Oracle, according to the whitepaper that also mentions the network’s focus on helping blockchain developers interact with the physical setting.
The network has four elements -- one for saving the data, one for transferring it to any location, one for encrypting and storing it, and the last for making enquiries. On its Twitter handle, the XYO Network has pinned a post that shows the project’s first live “witness transaction”, which includes a drone.
XYO also talks about the metaverse, and how the network has the ability to power the decentralised virtual world.
The XYO token, which is native to the network, is based on Ethereum (ERC-20). The crypto’s market cap, as of writing, is over US$140 million, and the price per token is nearly US$0.01. XYO is a top 200 cryptoasset, and an over 2,500% rise in its 24-hour trading volume, as of writing, makes it interesting.
What is behind the rise?
While a few are talking about an expected listing of the token on Binance, some other factor seems to have worked. It is the recent listing of the token on an exchange called Bitvavo. Bitvavo is not as famous as Binance, but this new listing can certainly make the XYO token more liquid. On the other hand, XYO has traded mostly in the red this year, and the present bull run might or might not be sustainable.
The sudden jump in the price of the XYO token is likely due to its expected listing on the Bitvavo exchange. There is no concrete news about when the token might list on Binance. It is currently listed on other exchanges including Coinbase and KuCoin.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.