Recently, South Korean cryptocurrency exchanges, especially Upbit, have observed extraordinary increases in trading volumes in many altcoins, including AVAX coin. This situation aroused great curiosity in the market and attracted the attention of investors. In this article, we will examine the volume increases seen in altcoins such as AVAX, Astar (ASTR), Polkadot (DOT), 1inch (1INCH) and Kyber Network Crystal (KNC) based on data from Upbit and Binance. We’ll also cover the possible reasons behind these increases and things to consider for investors.
AVAX coin and those cryptos are popular in South Korea!
Upbit, South Korea’s largest cryptocurrency exchange, has recently observed unusual increases in transaction volumes in some altcoins. While this situation attracted the attention of market analysts and investors, the reasons behind the sudden changes in volume became a matter of curiosity. Popular altcoins such as Avalanche (AVAX), Astar (ASTR), Polkadot (DOT), 1inch (1INCH) and Kyber Network Crystal (KNC) are among those most affected by this volume increase.
- Avalanche (AVAX) volume skyrocketed: The 50 4-hour average volume rose from $48,000 to $82,000, with an increase of 71.91% on the 4-hour chart on Upbit, while the AVAX coin jumped from $328,000 to $467,000 on Binance, with an increase of 42.44%.
- Astar (ASTR) has taken flight: Astar is up 170.67% on the 1-hour chart on Upbit, rising from a 50 1-hour average of $2 million to nearly $5 million. In Binance, transaction volume increased by 43.52%, from an average of 4 million dollars to 5 million dollars.
- Polkadot (DOT) broke volume record: Polkadot jumped from $60,000 to $217,000 on the 50 4-hour average, a 259.13% increase on the 4-hour chart on Upbit. Trading volume on Binance also increased by 44.86%, from an average of $609,000 to $882,000.
- 1inch (1INCH) attracted deal hunters: 1inch rose 241.51% on its 1-hour chart on Upbit, from the 50 1-hour average of $113,000 to $385,000. On Binance, transaction volume increased by 9.19%, from an average of $194,000 to $212,000.
- Kyber Network Crystal (KNC) attracted attention: KNC rose from the 50 1-hour average of $48,000 to $134,000, an increase of 180.10% on the 1-hour chart on Upbit. On Binance, the transaction volume decreased by 5.92%, from an average of $49,000 to $46,000.
What is behind these increases?
Although it is currently difficult to determine the exact cause of these sudden volume increases, some possible factors may include:
- Market sentiment: The general optimism in the market lately may have caused investors to turn to risky altcoins.
- Technical indicators: Some investors may have seen buying opportunities in these altcoins based on signals on technical indicators.
- Social media: Recommendations from popular influencers and analysts on social media may have also increased interest in these altcoins.
As Kriptokoin.com reported, such sudden volume increases do not always mean a profitable investment opportunity. As with any type of investment, it is important for investors to conduct detailed research and evaluate the risks before making a transaction. These extraordinary volume increases observed in South Korean cryptocurrency exchanges may indicate important developments in the altcoin market. Investors should continue to analyze the market to follow these developments closely and make informed investment decisions.
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