Upbit, South Korea's largest cryptocurrency exchange, has witnessed significant volume gains on several altcoins over the past few hours.
Four altcoins, Bitcoin Gold (BTG), Steem (STEEM), Ankr (ANKR), Status (SNT) and Tron (TRX), compared to 50-period averages of trading volumes on Upbit on 4-hour or 1-hour charts, according to data from CoinMarketCap saw it increase by more than 60%.
Upbit recently outpaced Coinbase and OKX in volume.
The most notable of these is ANKR, which saw a massive 300.47% increase in 1-hour volume on Upbit, reaching $21 million. That's four times higher than the previous average volume of $5 million, and also much more than Binance, the world's largest crypto exchange by volume, only reached $6 million, up 27.57%.
The second altcoin to see the biggest volume increase on Upbit was TRX, the native token of the Tron network, whose 1-hour volume increased by 159.62% to $10 million. This is more than double the previous average volume of $4 million and also much higher than the volume on Binance, which fell 20.60% to $8 million.
Another altcoin experiencing a huge volume surge on Upbit is STEEM, a blockchain-based social media platform that reached $642,000 with a 152.46% increase in 1-hour volume. This is more than double the previous average volume of $254k and also significantly higher than the volume on Binance, which fell 16.96% to $22,000.
The fourth altcoin to witness a significant volume increase on Upbit, Bitcoin Gold (BTC), a Bitcoin fork aimed at improving scalability and privacy, reached $926,000, up 64.51% in 4-hours volume. This is much higher than the previous average volume of $563k and also stronger than the volume on Binance, which fell 31.93% to $19k.
*Not investment advice.