Celo's native token vaulted past $4.49 on Thursday after Coinbase disclosed plans to add the asset for trading. The CELO/USD pair climbed 55% within hours of the announcement, while CELO/BTC gained mo
Celo's native token vaulted past $4.49 on Thursday after Coinbase disclosed plans to add the asset for trading. The CELO/USD pair climbed 55% within hours of the announcement, while CELO/BTC gained more than 50% in the same window. By the time of writing, CELO/USD had pulled back to around $4.20 as the token met resistance, but momentum could return if broader market conditions improve.
The token opened Wednesday's late session at $2.84 before shooting higher. At present, it sits 43.4% above its Wednesday level against the dollar and 42.65% higher versus Bitcoin.
Traders call this pattern the "Coinbase effect"—a historical trend where altcoins announced for listing on the major US exchange tend to spike before trading commences. When Coinbase said it would begin accepting CELO deposits on August 31, with trading set to commence September 1 once sufficient liquidity develops, buyers entered the market.
The exchange will offer four pairs for Celo trading: CELO/BTC, CELO/USD, CELO/EUR, and CELO/GBP.
Celo carries a market cap of $512 million and ranks 33rd on CoinMarketCap's list. Similar moves have preceded other recent Coinbase listings. Band Protocol saw a 250% spike to new highs before its own debut on the platform.
Bitcoin and Ethereum have made little headway Thursday. BTC/USD moved up from the $11,300 lows to test resistance near $11,400. Several analysts expect the benchmark cryptocurrency to accumulate at current levels or pull back toward $11,000 to $10,900.
At the time of writing, BTC/USD traded around $11,385. Volatility remains suppressed, keeping intraday movement confined between $11,250 and $11,400.
Ethereum faces a steeper wall. Buyers have failed to break above $400 for three straight days. The second-ranked cryptocurrency changed hands near $390, though increased volatility over the past hour signals another test of $400 could occur.
