South Korea's largest cryptocurrency exchange, Upbit, experienced unusual volume increases in some cryptocurrencies today.
Upbit is also the second largest cryptocurrency exchange in the world after Binance.
Volume anomalies were detected on the 1-hour and 4-hour charts of five different coins: Basic Attention Token (BAT), Qtum (QTUM), Aergo (AERGO), Loom Network (LOOM) and Bitcoin Gold (BTG).
According to the data, the volume of these coins on Upbit increased significantly compared to their 50-period average volume, while their volume on Binance, another major cryptocurrency exchange, remained relatively stable or decreased.
However, the price movements of these coins did not reflect volume changes as they mostly stayed in negative territory.
The most notable volume growth was observed in Aergo (AERGO), a blockchain platform for enterprise solutions. The volume of the coin on Upbit jumped from an average of $478,000 on the 1-hour chart to nearly $2 million, increasing by 214.18%. On Binance, on the other hand, volume fell 19.79% in the same period.
Another coin that experienced significant volume growth was Loom Network (LOOM), a layer-2 scaling solution for Ethereum. The coin's volume on Upbit rose 260.98%, from an average of $14 million to $49 million on the 4-hour chart. On Binance, on the other hand, volume rose 39.59% in the same period.
Three other coins showing unusual volume patterns were Basic Attention Token (BAT), Qtum (QTUM) and Bitcoin Gold (BTG).
BAT volume on Upbit rose 322.29% from an average of $74k to $313k on the 1-hour chart. On Binance, on the other hand, volume decreased by 23.05% in the same period.
On Upbit, QTUM's volume rose 470.31% from an average of $9k to $51,000 on the 1-hour chart. On Binance, on the other hand, volume increased by 35.84% in the same period.
BTG's volume on Upbit rose 296.09% from an average of $4,000 to $15,000 on the 1-hour chart. On Binance, on the other hand, volume decreased by 28.60% in the same period.
*Not investment advice.
