Crypto Traders Beware: Unprecedented Surge In Altcoin Trading Rocks UPbit

Upbit, the largest cryptocurrency exchange in South Korea and the second-largest globally, caught cryptocurrency enthusiasts and traders off guard with unexpected surges in trading volumes.

Noteworthy fluctuations in the trading volumes of various altcoins, such as Aptos (APT), Ontology (ONT), IOST (IOST), Blur (BLUR), and Dogecoin (DOGE), stirred curiosity and speculation among members of the cryptocurrency community.

Aptos (APT) Experiences A Notable Increase In Its Trading Volume Within A One-hour Timeframe

The one-hour chart for Aptos (APT) exhibited a noteworthy uptick in trading volume on Upbit. While the average 50 one-hour volume on the platform had been a modest $112,000, the latest recorded volume for Aptos skyrocketed to an impressive $320,000, indicating a percentage change of 184.62%.

Conversely, on Binance, another prominent cryptocurrency exchange, the one-hour average 50 volume stood at $295,000, with the most recent recorded volume reaching $437,000, reflecting a comparatively moderate percentage change of 48.25%.

Ontology (ONT) also underwent unusual fluctuations in its four-hour chart on Upbit. The four-hour average 50 volume for Ontology had been around $4 million, but the last recorded volume surged to $11 million, representing a substantial percentage change of 219.85%.

Meanwhile, over on Binance, both the average and the latest recorded four-hour volumes hovered around $3 million, signaling a more modest percentage change of 16.44%.

IOST (IOST) & Blur (BLUR) Closely Trail Behind

IOST (IOST) and Blur (BLUR) closely followed suit with notable shifts in trading volume. On the one-hour chart, IOST (IOST) witnessed a remarkable surge in its average 50 one-hour volume on Upbit, soaring from $11 million to $34 million, marking an impressive percentage change of 208.02%. However, on Binance, IOST’s volume decreased from $14 million to $11 million, indicating a change of -20.37%.

Blur’s (BLUR) one-hour average 50 volume on Upbit underwent an astonishing surge, escalating from $12 million to $43 million, showcasing a remarkable change of 247.23%. On Binance, Blur’s volume increased from $6 million to $8 million, reflecting a percentage change of 30.83%.

Dogecoin (DOGE) Stages A Resurgence On The Four-hour Chart

In a surprising twist, Dogecoin (DOGE) staged a remarkable comeback on its four-hour chart. On Upbit, the average 50 four-hour volume had been around $90 million, but the most recent recorded volume surged to $191 million, signifying a significant change of 111.59%.

On Binance, both the average and the latest recorded four-hour volumes hovered at approximately $217 million, experiencing a slight decrease with a percentage change of -0.53%.

Cryptocurrency Enthusiasts Engage In Speculation Regarding The Factors Driving The Surge

The abrupt and substantial variations in trading volumes for these alternative cryptocurrencies have sparked speculation among numerous crypto enthusiasts and analysts regarding the underlying reasons. While the cryptocurrency market is renowned for its volatility, such pronounced shifts in trading volumes may signal diverse factors, including market manipulation, investor sentiment, and external influences.

Market analysts propose that these anomalous trading volumes might stem from coordinated efforts by influential investors or trading bots aiming to sway the market for their own gains. This behavior can result in swift price fluctuations and potentially create lucrative opportunities for traders.

Investors are cautioned to exercise prudence and conduct comprehensive research before making investment decisions in response to these irregular trading volume patterns. The cryptocurrency market remains highly speculative and is prone to sudden and unpredictable fluctuations.

Regulatory Supervision & Transparency

The cryptocurrency sector has been a consistent topic of conversations regarding regulatory supervision and transparency. The recent upswing in trading volumes for alternative coins on Upbit underscores the necessity for heightened scrutiny and transparency within the cryptocurrency market.

Global regulatory bodies are actively engaged in formulating guidelines and regulations aimed at safeguarding investors and maintaining the integrity of the market.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.