While the recent rally may also be connected to an earlier airdrop by KAITO, the Coinbase listing has given the coin a positive market sentiment.
By Mayowa Adebajo
Edited by Marco T. Lanz
Updated
3 mins read
KAITO price jumped 40% on Thursday, giving it a good market standing in the present discouraging crypto market. Notably, this increase happened moments after leading cryptocurrency exchange Coinbase added KAITO to its perpetual futures trading platform, increasing investor interest.
Also, with the listing bringing more liquidity and exposure to the token, traders are watching to see if the momentum the token is gathering will hold or if this is just another short-term pump.
It is worth mentioning that Coinbase announced the listing on February 27, confirming that KAITO-PERP trading is now available on the network. Essentially, this will enable traders to place limit, market, stop, and stop-limit orders on the platform.
Reaction immediately followed Coinbase’s announcement as KAITO saw a strong inflow of capital. However, such a reaction is not unusual given its similarity to past trends where exchange listings gave coins a short-term push.
In addition, Binance also played an important support structure in KAITO’s recent price increase. For context, on February 24, the exchange introduced new spot trading pairs and trading bot services for the token.
Consequently, since then, KAITO has seen over 75% increase. This typically means that there is an increasing demand for the token. That is, from both retail and institutional investors.
Now, while the recent rally may also be connected to an earlier airdrop by KAITO, the Coinbase listing has given the coin a positive market sentiment.
Interestingly, KAITO was not the perpetual listing token that Coinbase announced. The international exchange also claims to have listed Virtuals Protocol (VIRTUAL) and B3 (B3), both of which also saw some level of price increase.
However, neither saw the kind of excitement that KAITO is currently experiencing. As of this publication, VIRTUAL has gained only 3%, reaching $1.13, while B3 rose 7% to $0.0064.
Coinmarketcap data also shows that KAITO is trading at $2.36 (at the time of writing), up 8.60% in the past 24 hours. The token recorded a low of $1.97 and a high of $2.92 during the same period. Meanwhile, trading volume surged 128% to $ 1.98 billion, showing very impactful investor activity. In addition, the token now has a market capitalization of $ 581.06 million.
Still, some market experts and analysts expect more gains. They disclosed that KAITO is now forming a bullish engulfing pattern, which means a strong buying momentum in the market. One thing is certain. If this trend continues, the token could soon retest its all-time high of $3 with potential for even further gains.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
