Both CELO/USD and CELO/BTC pairs jumped over 50% in 24 hours as the token hit a new all-time high

The native token on the CELO network has jumped to an all-time high price against the US Dollar after major US cryptocurrency exchange Coinbase announced it would add support for trading.

The value of CELO/USD shot to a high of $4.49, gaining a massive 55% within hours. As of writing, CELO/USD is trading around $4.20 on major exchanges. Although it has retreated a bit, it looks likely to add another leg up if the overall market sees an uptick in sentiment.

Trading around $2.84 in late sessions Wednesday, the price of CELO rose sharply to $4.49. It slowed down after hitting resistance and is now 43.4% and 42.65 up against USD and Bitcoin respectively.

The token’s upside follows the historical “Coinbase effect” trend that has seen altcoins teased for listing on the US-based exchange explode in the days leading up to the actual listing.

That is what happened as CELO/USD and CELO/BTC rocketed over 50% in 24 hours as traders anticipate trading on Coinbase Pro.

CELO/USD price on the 1-day chart that shows today’s spike. Source: TradingView

According to Coinbase, traders can begin depositing CELO on its professional trading platform on August 31. Trading is scheduled to start on September 1, once there is sufficient liquidity.

Investors will access four trading pairs: CELO/BTC, CELO/USD, CELO/EUR, and CELO/GBP.

Celo has a market cap of $512 million as of writing and is ranked 33rd on CoinMarketCap.

The explosion in CELO/USD and CELO/BTC on other markets is similar to recent Coinbase Pro listed tokens that posted massive upsides. Band Protocol is one such token whose price rose sharply via a 250% spike that sent it to a new all-time high.

Bitcoin and Ethereum stall

Several altcoins have recorded explosive action in the past 24 hours, rising double digits as the market looks to recover from a slow down witnessed since Monday. Thursday has seen the top two cryptocurrencies in Bitcoin and Ethereum both record sideways action.

BTC/USD has risen slightly from lows of $11, 300 to test resistance around $11,400. Analysts expect the benchmark cryptocurrencies poised for extended accumulation or slight pullback that could see bears test the area around $11,000- $10,900.

BTC/USD was changing hands near $11,385 at the time of writing, and with low volatility, intraday action may be limited below the current range of $11,250 and $11,400.

ETH/USD is also seeing limited upside after bulls struggled to break above $400 for the third day running. The 2nd ranked cryptocurrency is currently exchanging hands around $390, although it’s likely to explore the area above $400 given the increased volatility seen over the past hour.