Major Listings on Upbit Spark Dramatic Surge in Low-Cap Altcoins
In defiance of the broader cryptocurrency market downturn over the past 24 hours, two lesser-known altcoins – Pocket Network (POKT) and Livepeer (LPT) – have bucked the trend by recording substantial gains.
While the overall market has seen a pullback, these two altcoins have registered impressive price spikes, with POKT experiencing a staggering 350% surge and LPT soaring by over 80%. As of writing, POKT is trading at approximately $0.058, reaching a high not seen since December 2021, while its market capitalization has surpassed $100 million. LPT's valuation has reached a four-month high of around $10.17, with a market cap of over $420 million.
The push behind the price increase can be attributed to the latest announcement from Upbit, the leading Korean crypto exchange, which opened trading services for the assets. The exchange listed LPT/KRW, LPT/USDT, and POKT/KRW pairs, fueling the surge in both altcoins.
Based in the United States, Pocket Network is a decentralized infrastructure protocol providing RPC services for dApps. POKT full nodes hold blockchain data and are rewarded with tokens for fulfilling requests.
Livepeer, another US-based firm, focuses on developing a decentralized video streaming network built on the Ethereum blockchain. It aims to offer an accessible and scalable alternative to traditional services like AWS or YouTube’s backend, with a primary focus on video transcoding, the process of converting raw video files for different devices.
Previous instances demonstrate that Upbit has a considerable impact on altcoin prices when it offers listings or support for new tokens. In February, for example, the company enabled users to trade the TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT, resulting in a significant rally for the associated meme coin. A few months later, Upbit and Binance showed support for DeepBook (DEEP), leading to a notable price increase following the disclosures.
Upbit's support has proven to be a catalyst for substantial short-term price rallies and increased trading volumes, providing considerable market exposure, especially to South Korean retail investors. Among recent listings, Pocket Network, Livepeer, and FLOCK have demonstrated particularly strong price performance following Upbit's support.
- The substantial gains recorded by Pocket Network (POKT) and Livepeer (LPT) highlight the potential of lesser-known altcoins to buck the cryptocurrency market downturn and register impressive price spikes.
- Notably, POKT has seen a staggering 350% surge, while LPT soared by over 80%, thanks to Upbit, the leading Korean crypto exchange, opening trading services for these assets.
- Upbit's support for altcoins has demonstrated a significant impact on their prices, as seen in previous instances with meme coins like TRUMP and DeepBook (DEEP).
- As a result of Upbit's listing, Pocket Network, Livepeer, and other altcoins like FLOCK have shown particularly strong price performance, providing opportunities for trading, investing, and growing exposure in the cryptocurrency finance landscape.
