Watch Out: Unusual Trading Activity Surges in 5 Altcoins on South Korean Exchange
Unusual trading patterns have been detected on Upbit, the largest cryptocurrency exchange in South Korea, as several altcoins experience significant spikes in trading volume.
Of particular note is Ark (ARK), which witnessed a staggering 235.88% increase in its 1-hour trading volume on Upbit. The most recent volume reached $270,000, far surpassing the 50-period average of $80,000. Interestingly, this surge on Upbit was accompanied by a decline in trading volume on Binance, with the 1-hour volume dropping by 16.66% to $77,000, compared to the average of $92,000.
Qtum (QTUM) has also experienced a substantial surge in trading volume on Upbit, with a 206.60% jump in the 1-hour volume, soaring from an average of $14,000 to $42,000. On Binance, QTUM’s trading volume decreased slightly from $11,000 to $10,000, marking a 10.79% drop.
Chainlink (LINK) witnessed a significant rise in its 4-hour trading volume on Upbit, increasing by 57.90% to $59,000 from the 50-period average of $37,000. Meanwhile, Binance observed a more modest increase of 8.21%, with the 4-hour volume rising from an average of $266,000 to $288,000.
Volumes for Threshold (T) and IQ (IQ) also experienced notable increases on Upbit. Threshold saw a 150.46% surge in its 1-hour volume, amounting to $4 million, while IQ’s volume skyrocketed by an impressive 423.50% to $14 million. On Binance, Threshold’s volume decreased slightly by 3.88%, while IQ’s volume marginally increased by 7.63%.
*This information should not be considered as investment advice.