- Upbit, South Korea’s largest cryptocurrency exchange, has recently identified unusual trading volumes in several altcoins.
- Prominent among these altcoins are Tezos (XTZ), Chiliz (CHZ coin), Theta Fuel (TFUEL), Aave (AAVE), and Wax (WAXP).
- This surge in activity has piqued the interest of market participants and brought significant attention to the exchange.
Discover the reasons behind the exceptional trading volume increases of altcoins on Upbit and what this trend signifies for the cryptocurrency market.
Tezos (XTZ) and Chiliz (CHZ coin) Experience Significant Volume Growth
Tezos (XTZ) has seen a notable rise in trading volume on Upbit’s 4-hour charts. While the average 50 4-hour trading volume stood at $79,000, the recent figures surged to $146,000, marking an 85.39% increase. Conversely, Tezos trading volume on Binance plummeted from an average of $625,000 to $254,000, indicating a 59.8% decrease. This stark contrast underscores a shift in demand towards Upbit for XTZ transactions.
Chiliz (CHZ) Trading Activity on the Rise
Chiliz (CHZ) has also witnessed a significant uptick in trading volume on Upbit. The average 50 4-hour trading volume was initially $9 million, which has escalated by 145.74% to reach $21 million. In comparison, Binance experienced a modest increase in CHZ’s trading volume, climbing 14.87% from $9 million to $11 million. This substantial growth on Upbit signals a greater investor interest in CHZ on this platform.
Theta Fuel (TFUEL) and Aave (AAVE) See Remarkable Shifts in Trading Volumes
Theta Fuel (TFUEL) has recorded a considerable increase in its 1-hour trading volume on Upbit. The average 50 1-hour volume was $1 million, which soared by 170.39% to approximately $3 million. This trend was mirrored on Binance, where TFUEL’s trading volume grew from an average of $803,000 to $1 million, underscoring a broader market interest in this altcoin.
Aave (AAVE) Trading Patterns Reflect Diverse Market Dynamics
Aave (AAVE) has observed a dramatic increase in trading volume on Upbit’s 1-hour charts. The average 50 1-hour volume rose from $488 to $2,000, a staggering 424.67% increase. Conversely, on Binance, AAVE’s trading volume dropped from an average of $2,000 to $891, showing a 62.18% decrease. This divergence indicates a marked preference for trading AAVE on Upbit over Binance.
Wax (WAXP) Registers Significant Volume Increase
Wax (WAXP) has similarly seen a substantial rise in its 1-hour trading volume on Upbit. The average 50 1-hour volume increased from $9 million to $23 million, reflecting a 154.85% growth. On the other hand, Binance reported a 34.02% increase in WAXP’s trading volume, from $3 million to $4 million. Investors appear to favor Upbit for WAXP transactions.
Conclusion
The observed unusual trading volumes on Upbit for select altcoins highlight a significant shift in investor activity on this exchange. Factors contributing to this trend may include the distinct advantages offered by Upbit and the dynamic nature of the South Korean cryptocurrency market. For market participants, monitoring these developments could be crucial for making informed strategic decisions.
