As the volatility of cryptocurrencies continues, the underlying crypto of the first child chain on the Ardor blockchain, Ignis experienced a significant surge in price in the early hours of Tuesday, January 20 2018. This surge saw the cryptocurrency gain 35% in a matter of hours.
Having concluded its token sale and airdrop in October 2017, the Ardor Blockchain Platform launched as planned, on January 1st 2018, 00:00:00 UTC. The Ardor blockchain is a next generation blockchain that enables the addition of child chains. These child chains can retain their unique functionalities simultaneously while resident on, and enjoying the security of the parent Ardor blockchain.
Generally, the value of cryptocurrencies are fundamentally determined by the economic forces of supply and demand. Therefore, since available tokens of cryptos are usually fixed per time, it is only natural that improved accessibility will most likely give rice to increased demand. Consequently, this increase in demand results to more scarcity, thereby causing the prices of such tokens to rise in price.
One of the most significant ways of improving token accessibility is by listing such tokens on exchanges, especially the top exchanges. This is a phenomenon that has displayed such consistency that it almost seems like a law in the crypto world. Major crytpocurrency exchanges like Bitterex, Poloniex, Changelly, Bitfinex, e.t.c are almost seen as symbols of approval, especially for new and developing cryptocurrencies.
The price surge of the Ignis token therefore is connected with the announcement of it being listed on the Bitterex exchange. On its twitter handle, Ignis announced being listed of Bitterex of its token as it expects trading to begin soon.
This is a major listing of which several more will be expected in future dates. However, the crypto marketplace has once again remained consistent with its behaviour as listing on a major exchange initiates significant increase in price. For speculators, this is usually a good opportunity to make good profit as the market continues to develop.
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Last modified: May 20, 2020 9:08 PM UTC