Benzinga | Dec 11, 2021 01:45PM EST

This Ethereum-Based Altcoin Soars 1,288% In One Week, Surpasses $400M Market Cap

A little-known altcoin Circuits of Value (COVAL) rose by 1,288% this week after a seven-day low of $0.018 to a fresh all-time high of $0.25 on Dec 9, according to CoinMarketCap.

The low-cap Ethereum (CRYPTO: ETH) token was listed by the top U.S. crypto exchange Coinbase Global Inc (NASDAQ:COIN).

Coinbase Pro listed the COVAL on Monday and then added retail support for COVAL on Coinbase.com.

COVAL's market cap was about $42 million on Dec. 5 and then moved up past $414 million later in the week.

Launched in 2014, the Circuits of Value is blockchain's first composite token.

It allows the users to trade in multiple tokens from any blockchain on any Ethereum Virtual Machine.

Using the Emblem Vault, described by developers as an entire wallet inside a token, users can package multiple assets into single blockchain transactions.

COVAL token powers the Emblem DeFi platform. Emblem allows the users to create their own ETH, ERC-20, and NFT combinations, and to convert them into a single, tradable token called Vault.

At the time of publication, COVAL was trading at $0.15, down almost 30% in the past 24 hours, with a current market cap of $149 million.

Related Link: Ethereum Classic May Need To Cross Above A Key Level