Civic (CVC), an ICO token tied to a system of blockchain-based identity service, had its breakout moment when Binance added it to its roster. Unfortunately, the breakout for CVC was short-lived, and very minor in perspective.
CVC slid by 15% overnight to $0.28, within the usual price range and fluctuation. The asset has drifted sideways for months, and it is unknown if Binance would help boost the price. In the second quarter of 2018, there are other projects demanding attention, and CVC may remain simply a speculative opportunity, due to its relatively low price.
CVC reached a peak above $1.30 in December, but has no chances of breaking the absolute peak of 19,000 Satoshi reached soon after the ICO started trading. Paradoxically, the asset did not manage to stir enthusiasm, after long months of sideways drifting and very subdued volumes.
At the same time, the Civic ICO is quite active, and recently released one of its products, ID Codes, for verifying personalities online. The chief idea of Civic is to offer an easy, decentralized way of verifying identities.
Some believe CVC is starting to look attractive at these prices, especially with the extra liquidity of a Binance listing. However, for now, not even the high profile of its founder, Vinny Lingham, has managed to lift the project to a greater prominence. To the advantage of CVC, the token has been active on the Exodus wallet, ensuring a wider access. Currently, according to Etherscan, there are more than 48,000 holders of CVC tokens.
CVC is one of the tokens where direct speculation against Tether (USDT) is happening. While pairings with BTC have the most weight, nearly half of CVC trading, there is a 30% exposure to USDT. This is happening through OKEx. The listing on Binance will not increase the inflow of USDT into the token’s price.
Binance will allow trading against Bitcoin, but also Ethereum (ETH) and Binance Coin (BNB).