The cryptocurrency market is approaching the end of a quiet weekend. In this stagnant environment, leading crypto Bitcoin is consolidating just below $28,000. Large-scale altcoin projects are also following a horizontal course. However, there is always an exception. Today, an altcoin took flight due to the influence of South Koreans. As reported by crypto analytics platform Lookonchain, the token rose strongly with transactions originating from Upbit.
Upbit raised a sourced whale, altcoin price skyrocketed!
cryptokoin.comAs you’ve been following from , the crypto market is treading in calm waters. However, the whales are not resting. Again, with the purchases of a whale, Bancor (BNT) price suddenly made a vertical rise. A wallet from South Korean cryptocurrency exchange Upbit played a role here, crypto analytics platform Lookonchain reported. The wallet in question collected 4.71 million tokens from the market for the day. To understand the magnitude of this, it is enough to compare it with the total supply: 3.3% of the total supply. In this context, Lookonchain shared the following on the social media platform X regarding the altcoin project:
The price of BNT is up nearly 40% today. A suspected Upbit wallet accumulated 4.71 million BNT ($2.54 million, 3.3% of the total supply) in the last 11 hours. This also seems to be related to the increase in BNT price.
The price of $BNT has increased nearly 40% today.
A wallet suspected to be #Upbit has accumulated 4.71M $BNT ($2.54M, 3.3% of the total supply) in the past 11 hours.
Which seems to be related to the rise in $BNT price.https://t.co/Xs7O6FoxGa pic.twitter.com/aL74fyTCzH
— Lookonchain (@lookonchain) October 8, 2023
Meanwhile, the altcoin price jumped from a low of $0.3974 to above $0.60 during the day. This means it has seen an increase of over 50%. Although BNT later gave back some of its gains, it continues to fly high. At press time, the token is trading at $0.5793, up 4632% on a daily basis. Meanwhile, the token experienced a similar increase of over 40% on a weekly basis.
Let’s get to know Bancor (BNT) a little bit
Bancor is an ecosystem of decentralized, open-source protocols that promote on-chain trading and liquidity. Carbon, the main protocol of the altcoin project, is a decentralized trading protocol that allows users to execute automated trading strategies using custom on-chain limit orders and range orders, and offers the option to combine orders to create automated buy low, sell high strategies.
By design of the altcoin project, Carbon orders are irreversible when executed, can be easily adjusted directly on-chain, and are resistant to MEV sandwich attacks. These features provide users with control and automation to execute new on-chain trading strategies.
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