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On South Korea’s largest cryptocurrency exchange, Upbit, several altcoins have recently shown unusual spikes in trading volume. While fluctuations in crypto markets are generally expected, this time, sudden and significant surges were observed in the trading activity of Solar (SXP), Jupiter (JUP), Beam (BEAM), Loom Network (LOOM), and Mina (MINA coin). These substantial changes, especially when compared to the 50-period moving averages, have caught the attention of Upbit users. However, compared to other major exchanges, different patterns emerged, adding to the intrigue. Experts believe these unusual movements could be tied to speculative buying or the adoption of new investment strategies.
SXP and Other Altcoins See Unprecedented Volume Spikes
One of the most striking increases was seen in Solar (SXP), where Upbit experienced a 150.84% surge in hourly trading volume. The average volume of $40,000 skyrocketed to $101,000 within an hour, signaling strong demand for SXP. However, the scenario on Binance told a different story, with a 19.55% decrease, as volume dropped from $99,000 to $80,000. This stark contrast highlights the differing dynamics between exchanges. Speculation suggests a sudden spike in interest for Solar in the South Korean market, possibly driven by speculative buying. The drop on Binance, on the other hand, shows that global investors may not be reacting in the same way.
Another coin with an extraordinary surge was Jupiter (JUP), where trading volume on Upbit rose by an astonishing 242.62%. From an average of $47,000, the volume shot up to $162,000 in a short time. While Binance also saw an increase, it was more moderate, at just 5.76%, with the volume increasing from $403,000 to $426,000. The reasons behind this significant rise in Jupiter’s activity remain unclear, but it has certainly piqued the interest of traders on both exchanges.
Similarly, Beam (BEAM) witnessed a massive surge in trading volume on Upbit. Over a four-hour period, volume spiked by 242.54%, going from an average of $35 million to $122 million. In contrast, Binance saw a 39.80% drop in BEAM’s four-hour volume, falling from $6 million to $4 million.
MINA Coin and LOOM Stand Out
Loom Network (LOOM) also experienced a major jump in volume on Upbit, with its hourly trading volume increasing by 322.13%, climbing from $1 million to $4 million. Binance showed an uptick as well, though less pronounced, with a 30.31% increase, as volume rose from $674,000 to $878,000.
Finally, Mina (MINA coin) also saw an unusual spike in trading volume on Upbit, where its hourly volume grew by 157.37%, rising from $66,000 to $170,000. Interestingly, Binance displayed an inverse trend, with MINA’s trading volume dropping by 53.75%, from $187,000 to $86,000.
These significant fluctuations, particularly between different exchanges, highlight the divergent trading patterns in the cryptocurrency market. While the reasons behind these surges are still unclear, experts suggest they could be driven by speculative buying in South Korea, different market conditions, or evolving investment strategies.
At Turkish NY Radio, we continue to monitor these trends, providing you with timely updates on the dynamic world of cryptocurrency.
