On February 27, South Korea’s leading crypto exchange, Upbit, added support for two alternative cryptocurrencies (altcoins) – Altlayer (ALT) and Pyth Network (PYTH). Since their listing, both altcoins have experienced major double-digit price surges, reflecting the ongoing bullish momentum in the crypto market.
ALT And PYTH Prices Surge By 25% And 37% Respectively
In its blog post announcement, the South Korean crypto giant noted that the altcoins will be tradable against the Korean Won (KRW) and Bitcoin (BTC) assets.
Following the listing news, ALT has skyrocketed 25% in the last 24 hours and 30% in the last 30 days. PYTH has also performed impressively, rising more than 37% within the last day.
🚨 BREAKING:@PythNetwork gets listed on @Upbit_Korea_ and soars 37% reaching 0.80$ 🚀
Did you sell your airdrop? pic.twitter.com/mKV1Sy7wr7
— FOMO (@magFOMO) February 27, 2024
Such gains reflect the strong positive sentiment surrounding the crypto market since the beginning of 2024. The industry has enjoyed a strong bullish phase. This trend began when the US Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs).
Meanwhile, the Upbit exchange has given clear guidelines for crypto users to access the new tokens on its platform.
The centralized crypto trading service stated that ALT deposits will only be processed via the Ethereum blockchain. On the other hand, the PYTH network token will be solely processed via the Solana blockchain.
Upbit’s decision reflects the need for fast transaction settlement and a safe and secure trading environment. Upbit customers are guaranteed a safe transaction on the platform. This is due to the security infrastructure underlying the Ethereum blockchain and the high-speed throughput of Solana.
Other guidelines created by the Upbit team put a certain threshold for initial buy and sell orders. The crypto exchange stated that this measure is intended to limit market manipulation and excess volatility on both altcoins.
This new step acknowledges that investors are often in short positions when a crypto asset shows positive returns. A surplus of sell orders and limited buy orders may unbalance the exchange’s order book, reducing liquidity for trade execution. This guideline ensures customers can transact smoothly on the platform.
Bitcoin Leading Massive Crypto Market Gains
ALT and PYTH’s strong returns underlie a broader market player in the background. According to CoinMarketCap’s Crypto Fear and Greed Index, the crypto market is in the ‘Greed’ zone as more investors stockpile digital assets.
Given this, the crypto market has risen 4.35% in the last 24 hours and currently sits at $2.14 trillion in market capitalization. Bitcoin, the world’s largest crypto asset, has surged nearly 7% recently, benefiting the most from this market sentiment shift.
Bitcoin’s remarkable performance has seen it surge above the $57,000 price tag for the first time since November 2021.
The world’s largest cryptocurrency has also rallied 11.67% in the past seven days and 35.6% in the past month. Its relative strength index (RSI) has risen to 81.67, indicating overbought.
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