It seems that the days of explosive crypto gains are back. In the span of about five minutes, Band Protocol (BAND) gained approximately 45% against the U.S. dollar as buying volume surged.
The chart below is from Alex Kruger, an analyst in the cryptocurrency space. It shows that the asset jumped from the $5.40 high it was trading at towards a local high of about $7.91 within the span of one four-hour candle.
Chart of BAND's recent price action from Alex Kruger. Chart originally from Binance.
According to data from TradingView.com, a majority of the gains of the surge were incurred within a five-minute period.
Why is Band Up So Much In 5 Minutes?
The reason for this surge is simple: Coinbase Pro. More accurately, as the asset surged higher, the leading cryptocurrency exchange announced via tweets that it had listed Band Protocol.
“Mon, Aug 10, our BAND-USD, BAND-BTC, BAND-EUR & BAND-GBP order books will enter transfer-only mode, accepting inbound transfers of BAND in supported regions. Orders cannot be placed or filled. Trading will begin on/after 9AM PT the following day, if liquidity conditions are met.”
Mon, Aug 10, our BAND-USD, BAND-BTC, BAND-EUR & BAND-GBP order books will enter transfer-only mode, accepting inbound transfers of BAND in supported regions. Orders cannot be placed or filled. Trading will begin on/after 9AM PT the following day, if liquidity conditions are met.
— Coinbase Exchange 🛡️ (@CoinbaseExch) August 5, 2020
BAND tokens proceeded to rally as this was the first major exchange they had been listed on aside from Binance, which recently launched futures for the cryptocurrency.
The cryptocurrency was also benefiting from a recently announced partnership with Elrond.
“ElrondNetwork $ERD, a leading blockchain platform focused on scalability, has chosen to integrate $BAND oracles to bring significant improvements to the existing data availability and scalability in their rapidly growing application ecosystem.”
Chainlink is Also Surging
Band is a competing cryptocurrency to Chainlink, the community-favorite cryptocurrency that has rallied hundreds of percent since the start of the year.
Chainlink, already listed on Coinbase, has been rallying over recent days on positive sentiment from traders, a bullish chart, and partnerships.
Featured Image from Shutterstock Price tags: BANDUSD, BANDBTC Charts from TradingVIew.com Chainlink Competitor Band Protocol (BAND) Surges 50% In 5 Minutes: Here's Why