Aptos (APT) topped the altcoin market gains of 10 percent on Tuesday amid the surge in trading volumes in South Korea. Meanwhile, other altcoins in the focus of South Korean traders attracted attention. Here are the details…
South Koreans focus on APT and these altcoin projects
According to CoinGecko, Aptos jumped overnight, last trading at $8.15. Bitcoin’s (BTC) positive price action above $31,000 yesterday likely added to the positive sentiment. Ethereum (ETH) buyers are also trying to surpass the $1,950-$2,000 resistance. An anomaly in trading volumes could explain the latest APT price increase. South Korean crypto exchange Upbit has captured the maximum share of trading volume (almost a third of the total) in the last 24 hours, when APT was trading at a premium. Upbit’s price was up to 5 percent higher than the rest of the market.
Other assets such as BTC and XRP are also trading 1-2% against the rest of the market against KRW pairs on Upbit. However, their trading volumes are lower than other exchanges, limiting their impact on global prices. Other top cryptocurrencies on Upbit include FLOW, CELO, BCH, BTC, STX, XRP, BLUR, GRT and SUI.
Koreans were active during the short squeeze process
South Korean traders have previously tried to hunt down the liquidation levels of short-selling players by targeting heavily shorted tokens like Bitcoin Cash and even Aptos in the first half of June. A short squeeze is a phenomenon that occurs when an asset’s price rises, when most traders betting against its price are forced to buy at a loss or experience forced liquidation. Andrew Kang, co-founder of venture fund Mechanism Capital, explained his South Korean strategy in a tweet on last week’s BCH rally. “The Koreans didn’t need a reason to bid, all that mattered was that it kept going up and the early bears were slaughtered,” he told the short squeeze.
While the APT rally did not happen with a backdrop for the negative funding rate, which is a sign of the dominance of the short side, the derivatives market still witnessed a small increase in short side liquidations and hit a 10-day high. The funding rate represents a fee or payment that is exchanged between long (buyers) and short (seller) positions in a perpetual swap market based on market demand. When the demand for the short side increases, funding becomes negative and vice versa. Another example of Upbit investors targeting the most short-sold tokens can be seen in Qtum (QTUM) and Celo (CELO), the two most short-sold cryptocurrencies in the market, according to Coinglass data CoinGecko data shows that these tokens are also in the top ten trading volume on Upbit. It shows that CELO is at number two and QTUM is at number ninth.
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