Popular cryptocurrency exchange Binance has announced the listing of the Bitcoin-based renBTC (RENBTC) token. Users of Binance exchange can now trade on RENBTC/BTC and RENBTC/ETH pairs. RenBTC is the 54th valuable cryptocurrency with an approaching market valuation of $300 million. However, the exchange-listed renBTC token without specifying any listing fees.
Since the listing announcement, renBTC had to face volatility, a usual phenomenon in the crypto space. The token’s price is expected to stabilize after passing the initial phase.
Binance had previously warned its customers to be careful with newly listed tokens. The crypto exchange highlights that newly listed tokens face volatility during the initial hype.
Binance’s warning on a new token listing came out to be completely true as the token showed huge volatility within the last 24 hours. The token valuation moved from $15,250 to $15,750, only to experience a sharp correction to $14,900 and then rise again.
In the past 12 hours, the price of renBTC fluctuated between $15,250 and $15,400. It appears to have been stuck between these two levels.
renBTC is an Ethereum-based token that can be pegged to 1 BTC. The token runs on the open network Ren protocol platform. The network allows the transferring of values between different blockchains without needing permission. The platform’s other product RenVM allows interoperability to the DeFi space.
Data shows that the per day trading volume of renBTC corresponds to $5.6 million. The circulation supply of the renBTC is 19,204 at its maximum. The token’s all-time high was last reached on November 6, 2020, at $15,991.
renBTC is currently listed on both DeFi and CeFi exchanges including Curve Finance, 1inch Exchange, Uniswap, Huobi Global, Kyber Network, Loopring Exchange, and Balancer platforms and now Binance. The token is currently traded on approximately 20 different parties in the market.