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Upbit Exchange Adds Support for Altlayer and Pyth Network
On February 27, Upbit, South Korea’s leading crypto exchange, announced the addition of 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
In its blog post announcement, Upbit 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.
Such gains reflect the strong positive sentiment surrounding the crypto market since the beginning of 2024. The industry has enjoyed a strong bullish phase, especially after the US Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs).
Guidelines for Accessing New Tokens
Upbit has provided clear guidelines for crypto users to access the new tokens on its platform. The exchange stated that ALT deposits will only be processed via the Ethereum blockchain, while the PYTH network token will be solely processed via the Solana blockchain. This decision reflects the need for fast transaction settlement and a safe and secure trading environment, offering Upbit customers a safe transaction on the platform. These guidelines also include a certain threshold for initial buy and sell orders to limit market manipulation and excess volatility on both altcoins, ensuring smooth transactions for customers.
Bitcoin Leading Market Gains
The overall crypto market has been in the ‘Greed’ zone, as more investors stockpile digital assets, resulting in a 4.35% rise in the last 24 hours and a market capitalization of $2.14 trillion. Bitcoin, the world’s largest crypto asset, has surged nearly 7% recently, surpassing the $57,000 price tag for the first time since November 2021 and rallying 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.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
