On Upbit, a leading South Korean-based cryptocurrency exchange, there has been a surge in trading volume for several altcoins, which has caught the attention of traders and industry watchers.
According to data from CoinMarketCap, the following altcoins have seen unusual volume gains compared to their average on Upbit and another major cryptocurrency exchange, Binance:
Bitcoin Cash (BCH)
Bitcoin Cash (BCH), a fork of Bitcoin aimed at providing faster and cheaper transactions, reached 5,000 units in 1-hour trading volume on Upbit, up 380.46%, while its price fell 0.62% to $113.0. On Binance, the 1-hour volume increased by only 12.99% to reach 2,000 units.
Augur (REP)
Augur (REP), a decentralized prediction market platform that allows users to create predictions and bets on any event outcome, posted an 81.81% volume increase on the 4-hour chart on Upbit to reach 1 million.
The price of REP rose modestly by 0.85% to $4.73. Binance, on the other hand, experienced a significant decline in trading volume with a 78.45% drop, showing a notable differentiation between the two exchanges.
Elrond (EGLD)
Elrond (EGLD), a scalable and secure blockchain platform aimed at providing high throughput and low latency for decentralized applications, posted an extraordinary 249.60% transaction volume growth on Upbit on the 1-hour chart, increasing from an average of 3,000 to 11,000.
Surprisingly, the price remained stable at $38.18, showing no significant change. Binance reported a more modest 6.83% volume increase compared to Upbit, suggesting less pronounced activity.
Stratis (STRAX)
Stratis (STRAX), a blockchain-as-a-service platform that enables businesses and developers to build and deploy custom blockchain applications, reached 5 million units in 4-hour volume on Upbit, up 498.80%, while its price rose 0.84% to $0.48. On Binance, the 4-hour volume increased only 19.72% to 185k units.
Bitcoin Gold (BTG)
Bitcoin Gold (BTG), another Bitcoin fork that aims to bring back the mining feature with common graphics cards (GPU), reached 50,000 units on Upbit with 1-hour volume up 664.00%, while its price fell 0.84% to $17.65. On Binance, the 1-hour volume fell 28.60% to 19,000 units.
*Not investment advice.
