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Four Altcoins Rally After Receiving Burst of Support From Coinbase and Binance

Four Altcoins Rally After Receiving Burst of Support From Coinbase and Binance


Four altcoins are rallying after receiving a sudden burst of support from within the industry.

In a new blog post, Coinbase announces that users can now deposit Aave, Bancor (BNT), and Synthetix (SNX) into their Coinbase Pro accounts.

Support for the three altcoins will be available in all supported jurisdictions with the exception of the state of New York. If liquidity conditions are met, trading will begin on December 15th on or after 9:00 a.m. Pacific time.

AAVE, BNT, and SNX all rallied in the days leading up to and following the announcement of Coinbase’s support.

Cross-chain cryptocurrency conversion protocol Bancor is up 28% in the last 24 hours. BNT has soared from a low of $0.93 on December 11th to a high of $1.33 today, rising over 37% in less than a week.

Derivatives liquidity and trading DeFi protocol Synthetix is up 11% in the last 24 hours. SNX surged over 26% from a low of $4.10 on December 11th to a high of $5.30 today.

Decentralized finance (DeFi) lending platform Aave is up 7% in the last 24 hours. It has continued a strong move from a low of $71.04 on December 11th to a high of $89.07 today – representing an increase of over 25% in four days.

Coinbase highlights that AAVE, BNT, and SNX are only available on Coinbase Pro. The crypto exchange says it will make a separate announcement should it decide to list the three crypto assets on Coinbase.com.

Meanwhile, global crypto exchange Binance says it is teaming up Chiliz, a fintech blockchain firm that seeks to help sports organizations monetize their audience.

Chiliz operates Socios.com which is powered by the utility token CHZ. Sporting franchises across the globe can sell fan tokens on the Socios platform to allow fans to participate in exclusive votes and surveys. Binance notes that over 14 million fan tokens have been sold in the last 12 months with over 700,000 votes registered on the Chiliz blockchain.

Hours after Binance’s announcement, CHZ skyrocketed 17%. It is up nearly 40% from a low of $0.0114 on December 11th to a high of $0.0159 today.

Binance says it will add support for two fan tokens.

“Binance will then list Paris Saint-Germain Fan Tokens (PSG) and Juventus Fan Tokens (JUV) in the innovation zone at 2020/12/21 6:00 AM (UTC) and open trading for PSG/BTC, PSG/USDT, PSG/BUSD, JUV/BTC, JUV/USDT and JUV/BUSD trading pairs.”

In addition, the crypto exchange will also launch a pool for PSG and JUV tokens. Users will be able to earn new token rewards by staking their Binance Coin (BNB), Binance USD (BUSD), and CHZ tokens into separate pools.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Vladi333





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