This Cryptocurrency Surges 30% Following an Official Binance Listing

TL;DR

• Binance’s new listing has positively impacted the price of the involved cryptocurrency.
• This development aligns with a broader market resurgence, highlighted by record highs for major cryptocurrencies like Bitcoin (BTC).

Binance continues to make amendments to its platform to improve users’ experience and respond to recent market trends.

Most recently, the company listed Metis (METIS). The exact new spot trading pairs include METIS/BTC, METIS/USDT, METIS/FDUSD, and METIS/TRY.

Users can start depositing, while withdrawals will become available from March 12. METIS listing fee was set at 0 BNB. Despite the announced support, the exchange warned users to deal with the token only after making their own research “to avoid any scams and ensure safety” of their funds.

Official listing on a leading cryptocurrency exchange like Binance can increase the visibility of the involved digital asset, enhance its liquidity, and allow easy access for investors. Those factors could propel a price increase due to the potential increased demand.

According to CoinGecko’s data, METIS’ price soared by almost 30% minutes after Binance’s announcement, surpassing the $140 mark for the first time in nearly two years. Its market capitalization jumped to an all-time high of over $730 million.

It is worth mentioning that the price rally coincides with a broader resurgence of the cryptocurrency market. A few hours ago, Bitcoin exploded to a new all-time high of over $71,000, while Ethereum briefly exceeded $4,000.