Why are Digibyte and Vechain soaring so high today?

Coinbase's announcement that it would evaluate 18 cryptocurrencies for listing sent prices surging across the altcoin market on June 11. Multiple tokens jumped more than 10% in the wake of the news.

By James Gray·11 June 2020·1 min read

Why are Digibyte and Vechain soaring so high today?

Key Points

Coinbase's announcement that it would evaluate 18 cryptocurrencies for listing sent prices surging across the altcoin market on June 11.
Multiple tokens jumped more than 10% in the wake of the news.

Coinbase's announcement that it would evaluate 18 cryptocurrencies for listing sent prices surging across the altcoin market on June 11. Multiple tokens jumped more than 10% in the wake of the news.

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Digibyte shot up 19.5%, moving from a low of $0.016 to $0.0197. Over the week, the token gained 24%. Vechain climbed 18%, from $0.0081 to $0.0098, on $101 million in daily volume, and was up 38% for the week. Bancor spiked by about 20% in 24 hours and stands 47% higher than a week ago. Siacoin, ranked 59th on CoinMarketCap, rose 13% on the day and 7% over the week.

The coins under evaluation by Coinbase's Digital Asset Framework include Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Network, Siacoin, SKALE Network, Synthetix and VeChain.

A Coinbase listing sends prices higher for the asset.

The price surge occurred alongside growing discontent with Coinbase among crypto users. The exchange had experienced multiple outages in recent weeks. Reports also emerged that Coinbase was likely to provide its intelligence platform to the Internal Revenue Service and Drug Enforcement Agency, further fueling calls for users to abandon the exchange.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

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