Onyxcoin’s value surges by 150% amid Binance listing announcement, sparking questions about market sentiment and investor behavior.
The token’s value has surged by 150% in the past 24 hours, with daily trading volume reaching $600 million.
Onyxcoin, a cryptocurrency launched in 2014, experienced a significant price surge in 2021.
The surge was largely attributed to increased adoption and trading volume on cryptocurrency exchanges.
According to CoinMarketCap, Onyxcoin's market capitalization rose from $10 million to over $50 million within a few months.
This increase in value can be linked to growing interest in alternative 'cryptocurrencies' and the overall rise of the digital asset market.
Daily trading volume for Onyxcoin (XCN) has experienced a significant surge, increasing from $25 million to $600 million. The majority of this growth occurred on Coinbase, indicating a strong demand for the token. This increase in volume coincides with Binance’s announcement of listing XCN futures on its exchange, which did not contribute to an additional price surge.
Onyxcoin is a cryptocurrency that uses a proprietary consensus algorithm called 'Proof of Capacity' (PoC).
Launched in 2014, it focuses on decentralized storage and data integrity.
Unlike traditional Proof of Work (PoW) or Proof of Stake (PoS), PoC relies on available disk space to validate transactions.
This approach aims to reduce energy consumption and increase network scalability.
The lack of a visible catalyst for the price increase has raised questions about market sentiment and investor behavior. Some analysts have speculated that investors may have opted to ‘sell the news,’ creating equilibrium between new buyers and old sellers. This phenomenon is often referred to as a ‘buy-the-rumors sell-the-news‘ scenario, where investors sell their assets after positive news is released.
The Native Token of Onyxchain
Onyxcoin (XCN) serves as the native token of the Onyxchain modular blockchain. It can be used for various purposes within the ecosystem, including node deployment and participation in governance proposals. This versatility has contributed to its growing popularity among investors.
The token’s performance has been largely muted in recent years, with a significant price drop in 2023 and 2024. However, it experienced a rapid price increase in January, which prompted criticism from Tron founder Justin Sun. In a tweet, Sun questioned the legitimacy of this price action, citing concerns about market manipulation and high leverage.
Binance Listing: A Mixed Signal
Binance’s announcement of listing XCN futures did not spark an additional price surge. This could indicate that investors have become increasingly cautious in their investment decisions, opting to wait for more concrete evidence before making moves. The lack of a visible catalyst also highlights the importance of analyzing market sentiment and investor behavior.
Binance is a global cryptocurrency exchange platform founded in 2017 by Changpeng Zhao.
It allows users to buy, sell, and trade various cryptocurrencies such as 'Bitcoin', 'Ethereum', and many others.
Binance operates on a peer-to-peer model, connecting buyers and sellers directly.
The platform also offers advanced trading features, including margin trading and futures contracts.
Despite this, the Binance listing has undoubtedly provided a significant boost to Onyxcoin’s value. As the token continues to gain traction, it will be interesting to see how investors respond to future developments in the Onyxchain ecosystem.
