While the cryptocurrency market has been stagnant lately, transaction volumes in some altcoins have unexpectedly skyrocketed on Upbit, South Korea’s largest cryptocurrency exchange. While these sudden increases attracted the attention of investors, it became a matter of curiosity whether there was a rally or a temporary fluctuation in the market. Here is the volume information for APT coin and other cryptos…
Unexpected activity in the cryptocurrency market: Volume explosion in some altcoins such as APT coin!
While the cryptocurrency market has been experiencing low volatility lately, trading volumes in some altcoins have unexpectedly skyrocketed on Upbit, South Korea’s largest cryptocurrency exchange. While these sudden increases attracted the attention of investors, it became a matter of curiosity whether there was a rally or a temporary fluctuation in the market.
- Aptos (APT): On Upbit, APT’s average volume on the chart increased from $251,000 to $1 million, an increase of 407.75%.
- Decentraland (MANA): On Upbit, MANA’s 1-hour trading volume increased from $229,000 to $579,000, an increase of 152.58%.
- Zilliqa (ZIL): ZIL’s trading volume on Upbit increased from $47 million to $99 million, an increase of 108.85%.
- Ethereum (ETH): Trading volume of ETH on Upbit increased from $4,000 to $6,000, an increase of 67.06%.
- Golem (GLM): GLM’s trading volume on Upbit increased from $21 million to $56 million, an increase of 173.75%.
Experts suggest that there may be several different reasons behind these sudden volume increases. One possibility is that investors may be bored with the recent low volatility environment and look for new investment opportunities. Additionally, new developments in some altcoin projects may have attracted the attention of investors. However, it should not be forgotten that these sudden increases may also be a temporary fluctuation. It is important for investors to be careful in such situations and do detailed research before making investment decisions.
The situation of cryptocurrencies in South Korea
Meanwhile, rising Bitcoin (BTC) prices have reignited the crypto trading frenzy in South Korea, with volumes on local exchanges exceeding those on local exchanges in recent weeks. Local media reported that trading volume on South Korea-based crypto exchanges reached a record high of 11.8 trillion won (KRW), or $9 billion at the USD-KRW exchange rate, in mid-March.
Local market observers said the relatively larger volume in the crypto market has increased risk tolerance among Korean investors. In previous statements, Ki Young-Ju, founder of on-chain provider CryptoQuant, said in a message, “Koreans prefer high-risk, high-return investments because they have experienced a rapidly growing economy.”
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