Recently, there has been a remarkable increase in the transaction volumes of AVAX and other altcoins, especially on South Korean cryptocurrency exchanges such as Upbit. This situation aroused great interest and curiosity among market participants. In this article, we will examine the reasons for the volume increases seen in altcoins such as AVAX, Astar (ASTR), Polkadot (DOT), 1inch (1INCH) and Kyber Network Crystal (KNC) on Upbit and Binance and important points for investors.
Upbit, South Korea's leading cryptocurrency exchange, has recently reported significant increases in trading volumes of some altcoins. This trend has attracted the attention of both market analysts and investors, raising questions about the reasons behind these changes. Altcoins of particular note include Avalanche (AVAX), Astar (ASTR), Polkadot (DOT), 1inch (1INCH), and Kyber Network Crystal (KNC).
Avalanche (AVAX) trading volume increased by 71.91% on Upbit's 4-hour chart, from an average of $48,000 to $82,000. On Binance, AVAX's trading volume increased by 42.44%, from $328,000 to $467,000. Astar (ASTR), on the other hand, increased by 170.67% on Upbit's 1-hour chart, and volume jumped from $2 million to nearly $5 million; On Binance, Astar's volume increased by 43.52%, reaching $5 million from $4 million.
Polkadot (DOT) surged 259.13% in trading volume from $60,000 to $217,000 on Upbit's 4-hour chart. On Binance, the volume of DOT increased by 44.86%, from $609,000 to $882,000. 1inch (1INCH) increased by 241.51% on Upbit, from $113,000 to $385,000; In Binance, the volume increased by 9.19% from $ 194,000 to $ 212,000.
Kyber Network Crystal (KNC) increased its trading volume by 180.10% on Upbit's 1-hour chart, from $48,000 to $134,000. However, a 5.92% decrease in Binance KNC's volume was observed, dropping from $49,000 to $46,000.
Possible Reasons for Volume Increases
Although it is difficult to determine the exact reasons for these sudden volume increases, experts suggest that several factors may be at play:
Market Sentiment: A general optimism in the markets may cause investors to move towards higher risk altcoins.
Technical Indicators: Some traders may have identified buying opportunities for these altcoins based on technical analysis results.
Social Media Influence: Recommendations made by leading influencers and analysts on social media can increase interest in certain altcoins.
Although these volume increases present attractive opportunities, it is of great importance that investors conduct detailed research and carefully evaluate the risks before any transaction.
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