The price of the Civic (CVC) altcoin, a blockchain-based identity management system, surged today on the South Korean exchange Upbit, amid an unusual surge in trading volume.
Civic (CVC) Altcoin Transaction Volume Drops Heavy on Binance, South Korean Exchange Takes a Jump on Upbit
Volume on Upbit jumped 1254.65% from an average of 2 million CVC per hour to 21 million CVC in the last hour.
In contrast, volume on Binance, the second-largest CVC cryptocurrency market, fell 92.10% from an average of 240k CVC per hour to 19k CVC in the past hour.
The reason behind the spike in demand for CVC at Upbit is unclear at this point.
Civic is a project that aims to provide individuals and businesses with the tools they need to control and protect their personal identity information on the blockchain. It uses the open source ecosystem of identity.com to access secure authentication on demand.
Civic launched its native token CVC as an ERC-20 token on Ethereum’s blockchain in June 2017. CVC is used to incentivize participants in the authentication network and to access identities-related services.
*Not investment advice.