Upbit Exchange Adds Support for ALT and PYTH, Resulting in Significant Price Surges
South Koreaโs leading cryptocurrency exchange, Upbit, recently announced that it has added support for two alternative cryptocurrencies (altcoins) โ Altlayer (ALT) and Pyth Network (PYTH). Since their listing on the exchange, both altcoins have experienced significant double-digit price surges, reflecting the overall bullish momentum in the crypto market.
ALT and PYTH Prices Soar by 25% and 37% Respectively
In an official blog post, Upbit stated that ALT and PYTH will be tradable against the Korean Won (KRW) and Bitcoin (BTC) assets. Following this news, ALT has witnessed a massive surge of 25% in the last 24 hours and an impressive 30% increase over the past 30 days. Similarly, PYTH has also performed exceptionally well, with its price rising by more than 37% within a day.
The positive market sentiment surrounding the crypto industry since the beginning of 2024 is evident through these gains. The industry has been experiencing a strong bullish phase, which began with the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).
Clear Guidelines for Accessing ALT and PYTH on Upbit
Upbit has provided clear guidelines for users to access ALT and PYTH on its platform:
- ALT deposits can only be made via the Ethereum blockchain.
- PYTH network token transactions are exclusively processed through the Solana blockchain.
This decision by Upbit reflects its focus on fast transaction settlement and ensuring a safe trading environment for its customers. The use of the Ethereum blockchain guarantees secure transactions, while Solanaโs high-speed throughput ensures efficient processing.
To prevent market manipulation and excess volatility, Upbit has set a threshold for initial buy and sell orders. This measure aims to maintain balanced order books and sufficient liquidity for smooth trade execution, benefiting customers on the platform.
Bitcoin Leads the Crypto Market with Impressive Gains
The significant returns of ALT and PYTH are part of a broader market trend driven by Bitcoin. According to CoinMarketCapโs Crypto Fear and Greed Index, the crypto market is currently in a state of โGreedโ as more investors accumulate digital assets.
As a result, the overall cryptocurrency market has seen a 4.35% increase in the past 24 hours, reaching a total market capitalization of $2.14 trillion. Bitcoin, being the largest cryptocurrency, has experienced a surge of nearly 7%, benefiting the most from this shift in market sentiment.
Bitcoinโs remarkable performance has pushed its price above $57,000 for the first time since November 2021. Over the past seven days, it has rallied by 11.67% and recorded a month-long increase of 35.6%. Its relative strength index (RSI) currently stands at 81.67, indicating an overbought condition.
Hot Take: Upbit Listing Triggers Impressive Price Surges
The recent listing of ALT and PYTH on Upbit has resulted in significant double-digit price surges for both altcoins. This reflects the ongoing bullish momentum in the crypto market and the positive sentiment among investors.
With ALT witnessing a surge of 25% in just 24 hours and PYTH rising by over 37% within a day, it is evident that these altcoins have attracted substantial attention and investment. Additionally, Bitcoinโs impressive gains further contribute to the overall positive market sentiment.
The listing of ALT and PYTH on Upbit provides crypto enthusiasts with new opportunities for trading and investment. As the market continues to evolve, it is essential to stay updated with the latest developments and seize potential opportunities for profitable investments.
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