Monaco (MCO) opens up to the Korean market through a Bithumb listing, and the news immediately caused more than 84% price spike overnight, a move not seen in any coin since the markets cooled off in February and March.
https://twitter.com/monaco_card/status/986832379825172480
MCO added more than 84% in 24 hours net, reaching above $16. The asset will soon start trading on the Bithumb official market, not just reserved for professionals. Trading volumes for MCO hit an all-time record, far outpacing the increased activity at the end of last year, and the sudden events may pave a whole new path for the MCO asset, and its card aimed at popularizing the spending of crypto coins.
MCO is still halfway to its peak in BTC prices achieved in September, but in the world of crypto, doubling overnight is not a far stretch. However, MCO remains volatile, and similar price spikes have been followed by corrections. The most recent spike in volumes happened on the Asian markets, as MCO climbed to the top 5 of most traded coins on Binance.
The final effect of Bithumb trading would be unknown - new listings do not always guarantee a price spike, and may in fact trigger dumping.
!MCO!
The price move for MCO is especially dramatic, given that the price bottomed out at below $5 in March and early April. The growth against BTC is even more significant, breaking the peaks from the December pumps. This is even more bullish for the Monaco project, and is an early indicator that BTC funds are, at least in part, flowing back into select altcoins and tokens.
The Monaco project was one of the few cards not affected by the WaveCrest fallout with VISA. However, this did not save the market price from going down along with the rest of the markets.
Meanwhile, the alternative card project, TenX (PAY) saw its market price drop and stagnate, still drifting sideways, as the delay in the promised cards is taking a toll on the asset’s popularity.
In general, altcoins and tokens are once again gaining speed, and promising projects are having another wave of appreciation. However, MCO remains risky, and it is unknown when the trend would turn, once again increasing the dominance of BTC over altcoins.
This article appeared first on Cryptovest