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Privacy-focused altcoin CloakCoin (CLOAK) hit $16 April 18 after the world’s largest cryptocurrency exchange Binance confirmed it had listed the asset.

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The Long Road From Rags To Riches

In a move also confirmed by CloakCoin developers, Binance appeared to reverse the fortune of the stagnant altcoin, which had seen little activity for most of its four years on the market.

Issued in June 2014 at $0.18 per token, CLOAK then traded below that rate from September 2014 until February 2017.

When altcoin markets began to boom, however, fresh investment saw prices skyrocket to an all-time high of $32.51 in January 2018, before falling considerably to under $5 this month, according to cross-exchange data from Coinmarketcap.

Binance, which moved to Malta in March in a move which was publicly welcomed by the country’s prime minister, has transformed the fortunes of many an altcoin by listing it in recent months.

On Monday, Bitcoinist reported on how the phenomenon affected Cardano, which until Binance’s involvement had also seen several months of depreciation.

Remember Me? Not Likely

CLOAK comes just one month after the exchange listed comparatively more active assets Syscoin (SYS) and NEM (XEM).

Reacting to the CloakCoin news, cryptocurrency commentators on social media were nonetheless surprised, given the lack of technical progress from developers since the original launch four years ago.

Others admitted they assumed the altcoin was “dead” for the same reasons.

What year is this? 2014? https://t.co/vt77FQVkiP

— Squeeze (@cryptoSqueeze) April 18, 2018

While the exchange has not publicly stated why it chose to add CLOAK at the present time, privacy-centric cryptoassets have become vogue once again this year in the face of rising regulatory enforcement worldwide.

This week, users reacted with uproar after peer-to-peer trading platform Localbitcoins appeared to introduce heightened AML/KYC procedures which required them to submit personal ID to buy and sell bitcoin.

What do you think about Binance adding CloakCoin? Let us know in the comments section below!

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Images courtesy of Twitter, Shutterstock

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Published at Wed, 18 Apr 2018 18:00:49 +0000

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