Altcoin trading volume surges in South Korea following Bitcoin halving event.
In the wake of the Bitcoin halving event, unusual trading volume has been observed in several altcoins on Upbit, South Korea’s largest cryptocurrency exchange.
The altcoins in question include Cardano (ADA), Loom Network (LOOM), 1inch (1INCH), Ankr (ANKR), and NEM (XEM).
The 4-hour chart for Cardano (ADA) shows a significant spike in trading volume on Upbit. The average 4-hour volume is $7 million, but the last recorded volume was approximately $14 million, indicating a 96.96% increase. On Binance, the volume decreased by 8.50%, from an average of $46 million to $42 million.
Loom Network (LOOM) also saw a substantial increase in trading volume on its 1-hour chart. The average volume has increased to $10 million, a 215.10% increase. On Binance, the volume remained steady at $2 million.
1inch (1INCH) saw its trading volume surge by 407.13% on its 4-hour chart on Upbit, with the volume increasing from an average of around $1.5 million to a high of $7 million. On Binance, the volume increased by 48.36%, rising from $3 million to $4 million.
Ankr (ANKR) recorded an 186.96% increase in its 1-hour trading volume on Upbit, rising from an average of $6 million to $17 million. However, the volume on Binance decreased by 10.08%, from $9 million to $8 million.
Finally, NEM (XEM) witnessed a significant increase in its 1-hour trading volume on Upbit. The volume surged by 454.21%, increasing from an average of $2 million to $13 million. On Binance, the volume decreased by 15.37% to $1 million.
