Upbit, South Korea’s largest cryptocurrency exchange, detected unusual transaction volumes in four altcoin projects: IOTA, Bitcoin Gold (BTG), Qtum (QTUM) and Zilliqa (ZIL) on January 2, 2024.
Abnormal volume for these altcoin projects in South Korea
Surprisingly, Upbit, South Korea’s largest cryptocurrency exchange, witnessed unusual trading volumes in many altcoins. In particular, IOTA, Bitcoin Gold (BTG), Qtum (QTUM), and Zilliqa (ZIL) have experienced significant fluctuations in trading activity on the platform, sparking speculation among the crypto community. The 4-hour chart for IOTA showed a significant increase in trading volume on Upbit. The average 50 4-hour volume was $16 million, but the last recorded volume was a staggering $40 million, indicating a percentage change of 148.93%.
Bitcoin Gold (BTG) also saw a dramatic increase in trading volume on the 1-hour chart on Upbit. Average 50 1-hour volume increased from $66k to 564k, a huge percentage change of 749.49%. Qtum (QTUM) was also not left behind and the 4-hour chart showed a significant increase in trading volume on Upbit. The 4-hour average volume of 50, which was $566k, increased to 2 million, a percentage change of 196.71%. Finally, Zilliqa (ZIL) also experienced an unusual increase in trading volume on the 1-hour chart on Upbit. Average 50 1-hour volume jumped from $4 million to $9 million, a change of 150.91%.
Possible causes
These unusual trading volumes may indicate increased investor interest in these altcoins. However, more research is needed to clarify the reasons behind these increases. We can list the reasons behind these unusual trading volumes as follows:
- New news or development: The announcement of new news or developments regarding these altcoins may attract the attention of investors and cause an increase in transaction volumes.
- Investors’ expectations: Expectations that the price of these altcoins will increase may cause investors to increase their trading volumes.
- Bots or wash trading: Manipulative activities such as bots or wash trading can also cause increases in trading volumes. However, Upbit is a highly respected cryptocurrency exchange in South Korea. Therefore, the wash trading and bot claim may be a bit of an exaggeration.
So one needs to be careful about these unusual transaction volumes. Investing in these altcoins without clarifying the reasons behind these increases can be risky. Investors should follow the news regarding these altcoins and monitor their price movements carefully. It is also recommended to conduct thorough research before investing in these altcoins.
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