PolySwarm (NCT), a threat-detection and anti-malware project, has surged over the past three days after being listed on several major cryptocurrency exchanges, including Coinbase.
PolySwarm, ranked 344th by current market capitalization, traded at $0.12 and rose 372% from its price a week earlier.
PolySwarm focuses on cybersecurity software and uses its native NCT token to reward participants who contribute threat intelligence and security insights to the platform.
Why did PolySwarm’s price rise?
On January 13, PolySwarm (NCT) was listed on Coinbase alongside Propy (PRO), Inverse Finance (INV), and Liquity (LQTY).
According to Coinbase’s announcement on Twitter, the four altcoins (PRO, INV, LQTY, and NCT) became available on Coinbase’s Android and iOS apps and on Coinbase.com, allowing customers in supported regions to log in and buy, send, receive, trade, or custody these assets.
In addition to NCT, the prices of the other altcoins listed on Coinbase also increased. Inverse Finance (INV), an Ethereum-based token offering banking tools for decentralized finance, climbed nearly 20% over the past seven days.
Propy’s native token (PRO) rose more than 147% in the same period; the Propy platform automates real estate transactions to reduce fraud risk and save time.
Liquity’s LQTY token, part of a decentralized borrowing platform, jumped about 33% last week.
PolySwarm was also listed the same day on Huobi Global, CoinEx, and MEXC Global, further boosting visibility and liquidity for NCT.
🔥New Listing on #Huobi!$INV @InverseFinance$LQTY @LiquityProtocol$NCT @PolySwarm
Deposits open
Trading starts soon👇— HTX (@HTX_Global) January 13, 2022
The wave of listings across four cryptocurrency exchanges served as the main catalyst for the recent price rally in NCT, increasing its market exposure and accessibility for traders and long-term holders alike.
While exchange listings can significantly affect short-term price movements through greater liquidity and attention, investors should consider fundamentals, project development, and market conditions before making decisions.