The SpaceChain (SPC) token price surged recently after Bittrex cryptocurrency exchange added support for the coin. The token rallied by roughly 87% from the $0.016 mark to just over $0.03 USD, as traders took note of the milestone achievement on November 8th. That said, even SPC has not been able to avoid the overall selloff throughout the entire market as the price has returned to its pre-surge range.
Listing in Bittrex is a big deal, given that the exchange is one of the biggest in the United States. Likewise, the listing stands to shed more light on the cryptocurrency in the sector. SpaceChain is looking to make a name for itself as the first community-based space platform.
As unique altcoins go, SpaceChain is planning to combine space and blockchain technologies to build an open-source blockchain satellite network. The blockchain platform will make it easy for people to develop and run decentralized applications (dApps), in space.
SPC will serve as the native token powering the network. Likewise, it will operate as the official method of payment for accessing applications built on the platform in space. The token is to operate the same way a token transfer occurs digitally online.
Listing on Bittrex is, therefore, a significant milestone, as it will make it easy for the community to access the token. Bittrex listing should make the token readily and widely available to the global community.
“Bittrex is one of the most reputable blockchain trading platforms in the world. We are proud to work with them and excited to join their community. Getting listed on Bittrex is also a great opportunity for us to connect with more users and developers worldwide,” said Zee Zheng, Co-Founder of SpaceChain.
SPC is a Proof of Work or Proof of Stake token that relies on NIST5 hashing algorithm. The token first came to life in 2015 and boasts of a total supply of 1 billion tokens. Some of the exchanges that already offer support for the token include HitBTC EXX and CoinEgg.
However, it is not possible to buy the SPC token directly. One has to first buy Ethereum (ETH) or Bitcoin (BTC) and then use them to buy the token in either of the exchanges.
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