Unusual surge in trading volumes has been noticed for certain altcoin pairs on Upbit, the largest cryptocurrency exchange in South Korea. This trend has attracted attention due to the immense popularity of cryptocurrencies in the country. The altcoins in question include Siacoin (SC), Civic (CVC), Golem (GLM), Solar (SXP), and Steem (STEEM).
On the 4-hour chart, Siacoin exhibited a substantial increase in trading volume on Upbit. The average volume over a 4-hour period, which usually hovers around $1 billion, rose by a noteworthy 67.91% to reach $1.7 billion. Conversely, Binance, another prominent exchange, witnessed a decline in volume during the same timeframe, with a drop of 36.51% from $223 million to $141 million.
Similar trends were observed on the 1-hour charts for both Civic and Golem. Civic’s 1-hour average volume on Upbit surged from $3 million to approximately $9 million, showcasing an astounding increase of 249.57%. Likewise, Golem experienced a surge in volume from $3 million to close to $7 million, marking an increase of 162.06%. However, Binance reported declines for both of these altcoins.
Solar and Steem also displayed unusual volume changes. Solar’s average 1-hour volume on Upbit increased from $445,000 to $2 million, demonstrating an impressive surge of 337.11%. Additionally, Steem witnessed a 147.98% increase in its 4-hour average volume, rising from $1 million to roughly $3 million. Binance, on the other hand, reported a slight increase for Solar and a decrease for Steem.
It is important to note that this information should not be considered as investment advice.