Populous (PPT), Cortex (CTXC) Surge on Bithumb Listing Announcement

The South Korean exchange will add both coins next week, with its statement triggering a significant price increase for PPT and CTXC on Friday morning.

Bithumb, one of the largest cryptocurrency markets, announced on Friday upcoming support for two cryptocurrencies - Populous (PPT) and Cortex (CTXC).  The news caused massive increases in the price of each virtual currency, with PPT jumping by more than 38% and CTXC shooting up nearly 55% on a daily basis.

The South Korean exchange will list Populous and Cortex in a trading pair with the country’s national fiat currency, the won. Trading will start at 15:00 UTC next Thursday, or midnight KST. In preparation for the start of activity, Bithumb will open deposit functions for both coins this Sunday at 15:00 UTC.

“Withdrawal service will be opened on August 24, 2018 (Fri),” the exchange said in its statement.

Bithumb published the listing announcement at around 02:20 on Friday, and PPT’s price leaped from $4.60 to $4.81 in under five minutes. Six hours later, it continued to rise, with one coin changing hands at $5.44. This amounts to a 38.93% surge over the last 24 hours. PPT, which is the native coin of a London-based project for crypto invoices, ranked at number 43 by market capitalization with $201.3 million in value, as of the time of writing.

The coin clocked $14 million in trading volume in the past day, most of it coming from OKEx and Binance. OKEx pairs with Tether (USDT), Bitcoin (BTC), and Ethereum (ETH) accounted for around $7.6 million, while Binance BTC and ETH markets achieved $5.2 million.

CTXC, the native coin of a blockchain-based system for developing decentralized applications (dApps), ranked 99th by capitalization with a nearly $58.1 million market cap. After Bithumb’s announcement, Cortex soared for around 60 minutes in the early hours of Friday (UTC), going from $0.27 at 02:14 to $0.34 an hour later. At the time of writing, CTXC was trading at $0.38, which represents an increase of 53.67% on a daily basis.

The main Cortex market was Huobi, with its BTC, USDT, and ETH pairs accounting for $7.8 million of the total $12.9 million trading volume for CTXC in the last 24 hours.

The power of the largest digital coin exchanges to affect the crypto market is one of the hottest topics of debate in the community as these platforms typically cause significant price movements with their listing announcements. Last week, Binance revealed new listing rules that were presented as more transparent and fairer.