A low-value Ethereum token has made huge gains this week after being listed by top US crypto exchange Coinbase.
As previously reported by KoinFinans, Coinbase Pro is a little-known altcoin in its surprise listing on Monday. Circuits of Value (COVAL) listed. On Thursday, the exchange expanded support for COVAL and added retail support to Coinbase.com and its mobile apps.
COVAL is the Ethereum token behind the Emblem platform that allows users to combine Ethereum (ETH), ERC-20 and NFT tokens to create a transfer token known as Vault.
According to CoinGecko, on December 11, following the news of the listing of Circuits of Value, it rose from a seven-day low of $0.018 to an all-time high of $0.25, losing a staggering 1288 percent in one week.
The market cap of a small altcoin, COVAL, which was around $42 million on December 5, reached $414 million as the cryptocurrency continued to rise to record highs.
COVAL has since pulled back and lost some of its gains and is trading at $0.14 with a market cap of $255 million at the time of writing. COVAL currently ranks #261 on the list of the best cryptocurrency by market cap.
Circuits of Value is also traded on Uniswap and Stex crypto exchanges.
Coinbase has listed a large number of new altcoins in bundles over the past few weeks. The exchange’s CEO, Brian Armstrong, revealed last summer that the company is making an effort to add support for as many different cryptos as possible, apparently the CEO is taking his word very seriously.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.