Upbit, a giant in the Korean cryptocurrency exchange market, has once again become a hot topic. This time, it is to list notable altcoins Altlayer (ALT) and Pyth Network (PYTH).
These additions to the Korean Won (KRW) and Bitcoin (BTC) markets have sparked considerable interest and speculation among investors and cryptocurrency enthusiasts.
Altcoin achieves double-digit profit on Upbit listing
At 09:00 UTC on February 27, 2024, ALT’s BTC pair entered the Upbit market. Upbit has decided to support ALT only on the Ethereum network for deposits. With this decision, the exchange aims to provide a simple and safe trading environment. Additionally, it is important to note that this ALT is different from ArchLoot (ALT) traded on other platforms.
Likewise, Pyth Network (PYTH) was listed on the KRW and BTC trading pairs and began trading alongside ALT. Upbit highlights its commitment to promoting stable transactions by supporting PYTH through the Solana Network.
Upbit has implemented specific guidelines and restrictions to ensure market stability. For example, initial buy orders are tightly regulated through predetermined thresholds for sell orders. These measures aim to prevent market manipulation and excessive volatility. Therefore, this reflects Upbit’s proactive approach to protecting the trading environment.
The inclusion of ALT and PYTH highlights the potential of these altcoins. With Rollup as a Service (RaaS) and Actively Validated Service (AVS) infrastructure, ALT provides a new paradigm for projects seeking to develop rollups without deep blockchain knowledge. Meanwhile, PYTH is playing a pioneering role in enriching the DeFi ecosystem by connecting off-chain financial data with on-chain Dapps.
The market reaction to this listing was overwhelmingly positive. For example, PYTH surged more than 40% on the day of the announcement and was up more than 110% overall in February. ALT also showed strong performance, rising 25% on the day of listing and 80% within a month.
“PYTH is moving as planned. “It looks like it will surpass $1 sooner than expected.” DeFi analyst Dave Spike said.
Read more: 13 Best Altcoins to Invest in February 2024
This trend reflects the significant impact Upbit’s listing could have on cryptocurrency asset valuations. But amidst the excitement, caution still remains. The inherent volatility, speculative demand, and regulatory changes in cryptocurrency markets present risks that investors must carefully consider.
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