2 New Altcoins Listed on Korea’s Largest Crypto Exchange

Upbit, the titan of the South Korean cryptocurrency market, has once again made headlines. This time, we are going to list two popular altcoins, Altlayer (ALT) and Pyth Network (PYTH).

These increases in the Korean Won (KRW) and Bitcoin (BTC) markets have sparked a lot of interest and speculation among investors and crypto aficionados.

Altcoins offer double-digit profits on the Upbit list

In the year Upbit has decided to only support ALT for deposits on the Ethereum network. With this decision, the exchange aims to provide a streamlined and secure trading environment. Moreover, it is important to note that this ALT is different from ArchLoot (ALT) sold on other platforms.

Similarly, Pyth Network (PYTH) is listed on the KRW and BTC trading pairs, trading started with ALT. By supporting PYTH through the Solana network, Upbit demonstrates its commitment to facilitating secure transactions.

Upbit has implemented certain guidelines and restrictions to ensure market stability. For example, initial buy orders are closely monitored, while sell orders have predetermined limits. These measures are aimed at preventing market manipulation and excessive volatility. Therefore, they reflect Upbit's proactive approach to protecting its business environment.

The inclusion of ALT and PYTH highlights the potential of these altcoins. ALT, along with Rollup as a Service (RaaS) and Active Authenticated Service (AVS Infrastructure), provides a new paradigm for projects that want to develop rollups without deep blockchain knowledge. Meanwhile, PYTH is a pioneer in enriching the DeFi ecosystem by connecting off-chain financial data with on-chain Dapps.

The market's reaction to these details has been overwhelmingly positive. For example, PYTH was up over 40% on the day of the announcement and over 110% in the entire February rally. ALT performed strongly, with a 25% increase on the listing day and an 80% rally during the month.

“PYTH is running as planned. I think we're definitely raising more than a dollar earlier than I expected,” said Dave Speake, an analyst at DeFi.

Read more: 13 Best Altcoins to Invest in February 2024

These trends reflect the significant impact Upbit listings can have on crypto asset valuations. However, amid the excitement, a word of caution remains in order. The inherent volatility of the crypto market, speculative demand and regulatory changes present risks that investors should consider carefully.