Following a series of sharp declines, the crypto market has gained new upward momentum. With Bitcoin surging to $58,000, altcoins have also managed to recover some of their losses. Amid these developments, certain tokens have outperformed the market, thanks to some exciting news. One such token is the altcoin that received a listing announcement from South Korean crypto exchange giant Upbit.
Upbit Announces Listing for CKB, Altcoin Price Soars!
As reported by Turkish NY Radio, exchanges continue to update their listings. Alongside giants like Binance and Coinbase, South Korea’s leading exchanges are also driving token prices up with new listings. In a recent move, Upbit, one of South Korea’s largest exchanges, announced support for Nervos Network (CKB) with KRW, BTC, and USDT trading pairs. The support for CKB trading and transactions will follow the schedule below:
New Digital Asset Support Announcement for Nervos Network (CKB)
- Supported markets: KRW, BTC, USDT
- Trading support date: September 13, 2024, at 17:00
신규 디지털 자산 너보스(CKB) 거래지원 안내
✅ 지원 마켓: KRW, BTC, USDT 마켓
📅 거래지원 개시 시점: 2024-09-13 17:00 예정🔗 공지 바로가기:https://t.co/Zys7A2zGTj#Upbit #CKB pic.twitter.com/8oxTc7g319
— Upbit Korea (@Official_Upbit) September 13, 2024
Following Upbit’s listing announcement, CKB’s price skyrocketed, jumping from $0.0089 to $0.01026 in a short span. The token continued its upward trend and was trading at $0.01045, representing a ~18% daily gain. Meanwhile, CKB’s trading volume surged by 563%, reflecting the growing interest from investors and traders.
Altcoins Need a Significant Bull Market!
According to a crypto analyst, the altcoin market requires a significant rally to maintain healthy venture capital funding for projects. Will Clemente, co-founder of Reflexivity Research, stated that unless the altcoin market experiences a major bull run, fewer crypto projects will secure funding, leading to lower valuations. Clemente also expressed doubt about whether such a rally is on the horizon, citing concerns over the increasing supply of tokens entering the market.
Clemente explained that heavy investment in high-risk, high-reward altcoin projects has failed to meet market performance standards. He noted that many funds allocated to altcoins are underperforming, saying:
“What I mean is that a lot of money has been put into funds that are currently clearly underperforming compared to benchmarks by allocating too much to beta.”
