The cryptocurrency world is no stranger to volatility, but the recent increase in trading volume of altcoins like MINA on Upbit, South Korea’s largest cryptocurrency exchange, has caught the attention of analysts and investors alike. These unusual increases in activity raise questions about the underlying catalysts driving these movements and what they may herald for the future of these crypto assets. Here are the details…
ANKR, QKC volume increased significantly
QuarkChain (QKC), a privacy-focused blockchain platform, experienced the most dramatic volume increase among the altcoins in question. Average 1-hour trading volume on Upbit increased from $3 million to $10 million; This represents a staggering increase of 234.85%. This sudden increase in activity increased the price of QKC by over 10 percent, briefly reaching $0.105 before settling around $0.09.
Ankr (ANKR), a decentralized cloud computing platform, has also seen a significant increase in trading volume on Upbit. Because the 4-hour average volume increased by 105.86%, from 35 million dollars to 71 million dollars. This uptrend increased the price of ANKR by approximately 5%, bringing it to its current value of around $0.13.
Volatility in MINA and NEO
Mina (MINA), a blockchain protocol, also experienced volume growth on Upbit. Because the 1-hour average transaction volume increased from 422,000 dollars to 1 million dollars. This 182.32% increase increased MINA’s price by approximately 10%, bringing its current value to around $0.083. Additionally, smart contract platform Neo (NEO) saw more volatile volume growth on Upbit. The 1-hour average trading volume increased by 217.51%, from $72,000 to $229,000. This increase in activity strengthened NEO’s price movements. Additionally, the price increased by over 50% before settling near $11.60.
EOS (EOS), a blockchain platform focused on dApps and decentralized storage, experienced more modest volume growth on Upbit. The 1-hour average trading volume increased by 197.37% from $293,000 to $871,000. This increase in activity supported EOS’s price movements. Thus, increasing the price by approximately 30% to the current value of around $0.57.
What is the reason for the volume increases?
The reasons behind these unusual volume increases in coins like MINA are still being investigated. But there are several possible explanations. One possibility is that these spikes are due to institutional investors entering the market for these altcoins. Another explanation is positive news or developments about these projects. These developments may trigger and increase individual investor interest.
The long-term impact of these volume increases on altcoin prices like MINA is yet to be seen. However, the sudden influx of liquidity could potentially support price appreciation in the short term. Additionally, the increased attention these altcoins are receiving is attracting the attention of more investors. Therefore, there is a chance to further increase demand and price movements. Despite the potential for positive price movements, investors need to be careful when evaluating these altcoins. The cryptocurrency market is volatile by nature.
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Abnormal Volume in MINA and 4 Altcoins! What is the meaning?