Cryptocurrency enthusiasts and traders were taken by surprise as unusual trading volumes were observed on Upbit, South Korea’s largest and the world’s second-largest cryptocurrency exchange.
Several altcoins, including Aptos (APT), Ontology (ONT), IOST (IOST), Blur (BLUR), and Dogecoin (DOGE), experienced significant fluctuations in their trading volumes, sparking intrigue and speculation within the crypto community.
Aptos (APT) sees a remarkable surge in 1-hour trading volume
The 1-hour chart for Aptos (APT) displayed a remarkable increase in trading volume on Upbit. The average 50 1-hour volume on the platform had been a modest $112,000. However, the last recorded volume for Aptos surged to a staggering $320,000, marking a percentage change of 184.62%.
In contrast, on Binance, another prominent cryptocurrency exchange, the 1-hour average 50 volume stood at $295,000, with the last recorded volume at $437,000, reflecting a more moderate percentage change of 48.25%.
Ontology (ONT) also underwent unusual fluctuations in its 4-hour chart on Upbit. The 4-hour average 50 volume for Ontology had been around $4 million, but the last recorded volume surged to $11 million, representing a significant percentage change of 219.85%.
Meanwhile, on Binance, the average and last recorded 4-hour volumes were approximately $3 million, indicating a less dramatic percentage change of 16.44%.
IOST (IOST) and Blur (BLUR) not far behind
IOST (IOST) and Blur (BLUR) were not far behind in terms of remarkable trading volume changes. On the 1-hour chart, IOST (IOST) witnessed its average 50 1-hour volume on Upbit skyrocket from $11 million to $34 million, marking an impressive percentage change of 208.02%. However, on Binance, IOST’s volume dropped from $14 million to $11 million, indicating a change of -20.37%.
Blur’s (BLUR) 1-hour average 50 volume on Upbit experienced an astonishing surge, increasing from $12 million to $43 million, showcasing a remarkable change of 247.23%. On Binance, Blur’s volume increased from $6 million to $8 million, with a percentage change of 30.83%.
Dogecoin (DOGE) makes a comeback on 4-hour chart
In a surprising turn of events, Dogecoin (DOGE) made a noteworthy comeback on its 4-hour chart. On Upbit, the average 50 4-hour volume had been hovering around $90 million, but the last recorded volume shot up to $191 million, representing a substantial change of 111.59%.
On Binance, the average and last recorded 4-hour volumes were approximately $217 million, slightly decreasing with a percentage change of -0.53%.
Crypto enthusiasts speculate on the reasons behind the surge
The sudden and significant fluctuations in trading volumes for these altcoins have left many crypto enthusiasts and analysts speculating about the underlying reasons. While the cryptocurrency market is known for its volatility, such dramatic shifts in trading volumes can indicate various factors, including market manipulation, investor sentiment, and external influences.
Market analysts suggest that these unusual trading volumes could result from coordinated efforts by whale investors or trading bots seeking to influence the market for their gains. This activity can lead to rapid price movements and potentially create profitable opportunities for traders.
Investors are advised to exercise caution and conduct thorough research before making investment decisions in response to these unusual trading volume patterns. The cryptocurrency market remains highly speculative and can be subject to sudden and unpredictable fluctuations.
Regulatory Oversight and Transparency
The cryptocurrency industry has long been subject to discussions about regulatory oversight and transparency. The recent surge in trading volumes for altcoins on Upbit highlights the need for increased scrutiny and transparency in the cryptocurrency market.
Regulatory authorities worldwide are actively working to establish guidelines and regulations that can help protect investors and ensure the market’s integrity.
