Skycoin Jumps 40% Hours Before Binance Listing

Skycoin price keeps up with ZenCash which debuted on Binance today.

by Marin Marinov
23 May • 2 min
In Markets

Skycoin (SKY), the cryptocurrency within the project for decentralized Internet Skywire, bucked the negative market trend today rising 38% midday (UTC) several hours after Binance, one of the leading crypto exchanges globally, announced it will add the coin to its trading platform tomorrow. It is the second price hike today triggered by announcements about listing on Binance, as another virtual coin ZenCash (ZEN) gained 50% at the start of trading on the exchange on Wednesday.

Binance announced Skycoin listing with posts on its Facebook and Twitter accounts, that led to the price rise from USD 24.57 at the time of announcement to USD 34.96 at 12:20 UTC on Wednesday, according to Coins.online data. The coin, which trades on several other exchanges like Cryptopia and C2Cx, continues to rise at the time of writing.

Skycoin trading will start at 09:00 AM (UTC) on May 24 in three pairs: SKY/BNB, SKY/BTC and SKY/ETH. Users can already deposit SKY coins in preparation for trading tomorrow.

On Monday, Skycoin was launched on Australian exchange BitRabit in trading pairs with Bitcoin(BTC), Ethereum(ETH) and Tether (USDT) that led to a price increase from USD 22 to USD 25 for the day.

Binance, however, has a high significance as it is the largest cryptocurrency exchange by trading volume as per Coins.Online data.

Skycoin

Skycoin was released in February 2015 and has nearly nine million coins in circulation. The cryptocurrency is part of a project for decentralized internet, free of control of internet service providers (ISPs). The system called Skywire has five components:

1.Skycoin: that is backed by bandwidth;

2. Skywire: anonymous, decentralized Internet, developed by radio nodes, so-called mesh-network;

3.Skynode: hardware and access point for Skywire;

4.Skyledger: decentralized open blockchain network;

5. Skysuite: suite of decentralized applications.

The Skycoin project aims to bring back net neutrality, a rule that ensures fair conditions to all internet players, no matters of their size and funding. US Federal Communication Commission revoked net neutrality rules in 2017.

Skycoin as a search word also jumped more than 100% in Google results within less half an hour after the Binance announcement for SKY backing.