Wednesday, July 24, 2024

Chain (XCN) ignores the wider-market downtrend by rallying 100%+ over the past month


Might was an extremely difficult month for the cryptocurrency market as a majority of tokens booked heavy losses as a bear market was confirmed, however not each undertaking dropped again to pre-bull market lows.

Chain (XCN), a protocol designed to assist organizations launch their very own blockchain community or join with different extra established networks, managed to rally greater than 120% since Might 19.

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Knowledge from Cointelegraph Markets Professional and TradingView reveals that since hitting a low of $0.0712 on Might 11, XCN reversed course to hit a record-high at at $0.176 on Might 31.

XCN/USDT 4-hour chart. Supply: TradingView

Three causes for the robust displaying from XCN embody a number of trade listings, launching on BNB Good Chain (BSC) and a number of other notable partnerships, together with a long-standing collaboration with the Stellar Basis.

Trade listings pump up the quantity

In March 2022, Chain deployed a brand new good contract for its token and rebranded from CHN to XCN. Following the rebrand, XCN listed at KuCoin and subsequent listings on Huobi, Gate, Bitrue and Hotbit had been accompanied by sharp upticks in buying and selling quantity.

A number of of the supporting exchanges have additionally launched perpetual contracts for the XCN token together with Gate, Huobi, ByBit and Poloniex, which has helped generate an elevated consciousness for the undertaking and initially led to a spike in buying and selling quantity.

XCN can be a part of a cross-chain integration with BNB Good Chain and this enables for cheap token transfers and buying and selling on PancakeSwap the place holders can earn yield for offering liquidity to the trade.

Following the integration with the BSC, the value of XCN rallied from $0.0712 on Might 11 to $0.14 over the subsequent week.

Associated: BNB Chain releases year-long technical roadmap to develop ecosystem

Notable Partnerships

Since 2014, Chain has had a number of notable partnerships and funding rounds, together with an preliminary fundraise of over $40 million from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange and Visa.

In 2018, the undertaking was acquired and have become a part of the industrial arm of the Stellar Basis generally known as Interstellar. Chain was reacquired in 2020 as a part of a ledger-as-a-service platform referred to as Sequence.

It is attainable the current developments with the Stellar protocol, together with its partnership with MoneyGram to create a stablecoin-based platform for cash transfers, may have optimistic results on the value of XCN on account of their shut ties.

In April 2022, Chain additionally introduced a strategic partnership with Alameda Analysis which established the personal fairness and quantitative cryptocurrency buying and selling agency as Chain’s main market maker. Whereas none of those partnerships seem vital sufficient to elucidate XCN’s present features, it’s notable that the altcoin’s value motion has diverged from the wider crypto marketplace for practically a complete month.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it is best to conduct your individual analysis when making a choice.