Amidst the market drawdown that saw bitcoin drop from above $10,000 to $9,600, the price of KNC, the native token of Kyber Network, is swimming against the tide. In the last 24-hour period, KNC has posted gains of over 12% according to data provided by CoinMarketCap.
The sudden jump took place after Coinbase Pro announced that it will be listing the asset on its platform.
Coinbase Pro To Accept KNC Inbound Transfers Starting From Feb 24
As per a recent Coinbase Pro announcement, the exchange will be listing KNC on its platform for trading. Traders will be able to transfer their KNC tokens to the exchange from February 24, at least 12 hours prior to enable full trading. Official trading will, however, begin at around 9 AM, Pacific Standard Time the following day after “ liquidity conditions are met.”
Trading KNC on Coinbase Pro will be the last stage after going through three other phases: transfer-only, post-only, and limit-only. After this, traders will then be able to trade KNC/USD and KNC/BTC on the exchange.
The announcement notes that KNC will be available for trading within Coinbase’s jurisdiction but for New York and the United Kingdom. Additionally, KNC trading will not be available on Coinbase.com or Coinbase mobile apps for now. Announcements will be made in the future once this support is added.
KNC Jumps 13%
Coinbase crypto exchange is viewed as one of the most influential platforms in the crypto space. As such, cryptocurrencies tend to skyrocket when a future listing on the exchange is announced.
Following Coinbase Pro’s announcement, the KNC market value increased by over 12% bringing its yearly gains to circa 190 percent. But despite the rally, KNC is still way below its January 2018 all-time high of around $6.00.
On most exchanges, KNC hit a high of $0.57 only a few hours ago. However, the token has since retreated to $0.525854 at press time. It is sitting comfortably at the 67th spot on crypto rankings with 12.84 percent gains on the day.
The KNC price could continue increasing in the near-term. But more often than not, a sell-off occurs after the actual Coinbase listing as traders dump their tokens. Whether KNC defies this trend and continues surging remains to be seen.