South Korea’s leading cryptocurrency exchange, Upbit, has recently seen a significant surge in trading volumes for various altcoins, indicating a flurry of activity in the market. This spike in trading activity provides insight into the current trends and potential opportunities within the crypto space. Let’s delve deeper into the notable movements observed on Upbit:
The Graph (GRT) experienced a remarkable increase in 1-hour trading volume on Upbit, with a staggering rise of 158.17% from an average of $720,000 to nearly $2 million. In comparison, GRT’s performance on Binance remained relatively stable, showcasing a mere 7.86% change.
Loom Network (LOOM) showcased even more impressive numbers, with its 1-hour volume on Upbit skyrocketing from an average of $82 million to $623 million, depicting a remarkable 658.29% surge. Conversely, Binance reported a more modest 30.31% increase during the same period.
Pendle Network (PENDLE) also witnessed a surge in trading activity on Upbit, as its 1-hour volume more than doubled from $707,000 to $2 million, marking a significant 172.55% increase. Comparatively, PENDLE’s trading volume on Binance increased by 35.23%, showing a lesser degree of movement.
Furthermore, Cosmos (ATOM) experienced a notable uptick in 4-hour trading volume on Upbit, rising by 142.87% from an average of $61,000 to $148,000. In contrast, ATOM’s 4-hour volume on Binance saw a slight decline of 9.73%, suggesting a potential divergence in market behavior between the two exchanges.
Lastly, Beam (BEAM) also saw a surge in its 4-hour volume on Upbit, climbing from $114 million to $352 million, marking a significant 209.70% increase. However, the altcoin faced a decline in volume on Binance, with a drop of 39.80% during the same period.
This data serves as valuable information for market participants and enthusiasts looking to stay informed about the dynamic movements in the crypto industry. As always, it is important to conduct thorough research and exercise caution while navigating the volatile crypto market.
*This analysis is for informational purposes only and should not be construed as investment advice.
