Upbit, South Korea’s largest cryptocurrency exchange, has seen significant increases in trading volumes for several altcoins.
Anomalous activity was detected across multiple timeframes, with some coins experiencing volume increases of over 200%. Below are highlights of the trading anomalies observed.
Jupiter (JUP)
On Upbit, trading volume for Jupiter has increased significantly on the 1-hour chart. The average trading volume over the last 50 periods was around $95,000, but the recent volume increased by 173.28% to $260,000. In contrast, Binance saw a slight decrease in volume over the same period, with an average of $625,000 and a recent volume of $574,000, a decrease of 8.19%.
Threshold (T)
Threshold saw a significant jump in trading volume on Upbit, with the 1-hour chart showing a 296.32% increase from an average of $2 million to $7 million. Meanwhile, Binance also saw a rise, albeit much smaller, with volume remaining around $1 million.
Avalanche (AVAX)
Avalanche saw an unusual spike on Upbit’s 4-hour chart, where trading volumes rose 109.05% from an average of $26,000 to $55,000. In contrast, Binance noted a slight decline in activity for AVAX over the same time frame, with volumes dropping 2.79% from $242,000 to $236,000.
Qtum (QTUM)
On Upbit, the 1-hour trading volume for Qtum also saw a significant increase, rising from an average of $13,000 to $35,000, marking a 176.18% increase. However, Binance reported a sharp decline, with volumes dropping from an average of $10,000 to $7,000, marking a 31.48% drop.
Cardano (ADA)
Cardano experienced an unusual volume surge on the 4-hour chart on Upbit, with trading volumes doubling from $2 million to $4 million, up 142.96%. In contrast, Binance saw a 16.90% drop in ADA trading volume from $9 million to $7 million during the same period.
*This is not investment advice.