Electroneum Price Surges 38% as ETN Coin Gains HitBTC Listing

Electroneum (ETN) briefly saw 38% gains in the preceding twenty-four hour period, as the coin surged following its listing on the HitBTC exchange.

HitBTC Lists Electroneum (ETN)

As per the official blog announcement from the exchange:

“We are happy to announce the long-awaited integration of Electroneum (ETN), the mobile-based cryptocurrency providing a digital payment solution to the developing world. Today Electroneum has 2.3 million users who mine and transfer the digital currency through their mobile phones.”

Electroneum burst onto the scene fairly recently, following a terrifically bullish run that amounted to several hundred percent growth from September into October. The coin gained further attention for being the first to push ahead with the KYC process for all its investors – a move which is expected to help pave the way for the coin’s institutional adoption.

The Electroneum project is British-based, and the idea seems to be that the losses incurred from those who shun the KYC process will perhaps be made up later when more partners and adopters get on board.

The Electroneum team took to Twitter to celebrate the HitBTC listing, stating:

“We’re delighted to announce we’re live on @hitbtc! This is massive news for #ETN – HiTBTC is one of the largest exchanges in the world, and we’re so excited to have been listed on them.”

Buying Rumours?

Every time an exchange lists a coin, they invariably talk up its abilities and sell it as best they can. The Electroneum listing is no different, however the wording of the announcement also suggests a source of ETN’s surge in recent months. According to the announcement:

“Our trader community largely anticipated integration of Electroneum. For the last few months, we have put extra effort into listening to your voices and fulfilling your wishes to achieve not only technological superiority but also a new quality-of-service benchmark.”

If the clamour for ETN on HitBTC was such that it appeared to be a sure thing, then much of ETN’s growth in recent months could be attributed to traders buying the rumours.

ETN Price

Since the coin’s peak in early October, ETN fell 69% down to the recent market crash on Tuesday, Nov 20th.

In the last day the rebound has amounted to a 18% net rise, as the coin climbed from $0.008678 up to $0.010267.

The gains were actually much greater for a brief period on Tuesday evening, when the coin price hit $0.011977- marking 38% growth within the space of a few hours.

Bitcoin buys dominated ETN trades over the last day, with close to 85% of the coin’s $1.2 million volume coming from the ETN/BTC pair, across the Kucoin, Cryptopia and Liquid exchanges.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.