This Coinbase-Backed Cryptocurrency Surged 75% in a Single Day

A little-known cryptocurrency backed by Coinbase surged 75% in a single day, and it may be due to a surprise announcement from Binance. | Source: Shutterstock

By CCN: The cryptocurrency market has been awash in bearish sentiment on Monday, with Bitcoin failing to maintain the $8,000 mark and most of the other top 20 coins moving in a sideways or downward trend.

Nonetheless, one lesser-known crypto token isn’t intimidated by the market gloom, and it took advantage of one concrete announcement and one wild rumor to surge more than 75% in a single day.

Ethereum Scaling Project Rallies More Than 75%

matic cryptocurrency price chart

The Matic cryptocurrency exploded by as much as 76% on Monday. | Source: CoinMarketCap

Matic Network, a blockchain project aimed at scaling Ethereum, rose as much as 76% to $0.032 on the day. Shortly before 16:00 ET, the cryptocurrency traded at $0.031 with a circulating market cap of $66.8 million.

Matic’s daily trading volume of over $250 million exceeded the daily volume of larger projects like Cardano, Monero, and IOTA.

Read the full story on CCN.com.