The cryptocurrency market entered the new week in the red zone. While the leading crypto Bitcoin slipped below $ 70 thousand, many altcoins also entered a downward trajectory. However, there are also tokens that jumped into the green zone with the news they received. One of them was Arkham (ARKM) with the good news of the Coinbase listing. Meanwhile, the altcoin market is facing a tough time, according to Matrixport.
ARKM price jumped with the good news of Coinbase listing!
In a recent development, Coinbase announced that it will add Arkham (ARKM) to its platform. However, Coinbase warned that if the ARKM token is sent to other networks by users using the Ethereum network, it may lead to token loss. Meanwhile, ARKM’s trading will begin on April 2 at 19:00 CET. In this context, Coinbase made the following announcement:
Coinbase will add support for Arkham (ARKM) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on Coinbase and CoinbaseExch in regions where trading is supported.
Following Coinbase’s good news, ARKM jumped from the red zone to the green zone with a vertical breakout. The token dropped to $2.40 during the day, in line with the decline in the market. After the stock market’s listing news, it made a rapid rise from this bottom to $2.72. Although the altcoin later lost some ground, it was trading at $2.66, up 3.88% on a daily basis.
Matrixport: Altcoin rally is questionable!
There has been a sharp decline in trading volumes on Upbit, South Korea’s largest crypto exchange, recently. This situation also attracted the attention of the research company Matrixport. According to a Matrixport report, this is a sign that the altcoin market is facing a tough time. This decline casts doubt on the rally of altcoins.
Upbit’s 24-hour trading volume has decreased greatly. Volume, which reached $15 billion on March 5, fell to $3.79 billion, a 75% decrease. This decline reflects a significant shift from the positive trend recorded in early March. The period of low trading volume indicates that the altcoin market is cooling down overall. Previously, the altcoin space received a lot of interest and investment in anticipation of the Ethereum Dencun upgrade and Bitcoin’s halving event.
Trading volume decline in the altcoin market
The contraction in trading volume also has consequences for the overall crypto market, and more specifically altcoins. In the first part of the surge in March, the total capitalization of altcoins reached $788 billion, the highest level in the last two years. According to the report, the fact that this stability is simultaneous with the decline in transaction volumes raises a question mark about the future market values of the altcoin market.
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