While the cryptocurrency market has been following a fluctuating trend lately, sudden volume increases in altcoins that remain in the shadow of Bitcoin are noteworthy. While this situation creates excitement and curiosity among investors, it also causes concerns. In this article, we will examine the volume explosions experienced in some altcoins such as AVAX coin traded on the Upbit exchange. We will also offer some perspective on what this means for investors.
Those altcoins are booming in South Korea
On a day when Bitcoin followed a fluctuating course, surprising increases were observed in the transaction volumes of some altcoins on Upbit, South Korea’s largest cryptocurrency exchange. While these sudden increases attract the attention of investors, experts warn that caution should be exercised. First of all, The Graph (GRT) showed a significant increase in trading volume on the 4-hour chart. Volume increased from an average of $30 million to $55 million on Upbit, an increase of 81.86%.
On the other hand, PlayDapp (PDA) attracted attention. PDA experienced a tremendous increase in 1-hour trading volume on Upbit, jumping from an average of $19 million to $85 million, achieving a 340.04% increase. Ethereum Classic (ETC) became the third altcoin to experience abnormal volume increase. ETC, which increased by 269.45% in 1-hour trading volume on Upbit, rose from an average of 106 thousand dollars to 390 thousand dollars.
AVAX coin and BTG also saw an increase in volumes
On the other hand, Avalanche (AVAX coin) came to the fore. AVAX, which experienced an 84.06% increase in 4-hour trading volume on Upbit, rose from an average of 417 thousand dollars to 768 thousand dollars. For comparison, the volume on Binance increased by 42.94%, from 474 thousand dollars to 674 thousand dollars. Finally, Bitcoin Gold also saw volume growth. BTG, which showed a 170.78% increase in 1-hour trading volume on Upbit, jumped from an average of 29 thousand dollars to 78 thousand dollars. In Binance, the volume decreased by 28.60%, falling from 27 thousand dollars to 19 thousand dollars.
Although the exact reason behind these sudden volume increases is unknown, various factors such as increased investor interest, speculation and market manipulation may have played a role. Experts emphasize that investors should be careful about such sudden increases and do detailed research before investing. As a result, we can list the following as some items to pay attention to:
- Sudden volume increases are not always indicative of an uptrend.
- It is important to research the underlying values of the altcoin and the team behind the project before investing.
- It is necessary to invest rationally, without being caught up in FOMO (fear of missing out) and FUD (fear, uncertainty and doubt).
- Market volatility is high and there is always a risk of losing your entire investment.
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