Upbit Lists New Cryptos, Top Performers Soar: Exploring the Two Altcoins Garnering Momentum
Cryptocurrency Market Experiences Wide-Spread Decline, But select Altcoins Shine on Upbit Exchange
In contrast to the general downward trend in the cryptocurrency market over the past 24 hours, some low-cap altcoins have managed to stand out, particularly on the South Korean-based Upbit exchange. Notably, Pocket Network (POKT) and Livepeer (LPT) have been the center of investor attention.
On May 30th, POKT surged by a notable 350%, reaching $0.058 – a price level not seen since December 2021. The token's market value exceeded $100 million. Similarly, Livepeer also registered an over 80% increase to reach $10.17. LPT's market value crossed $420 million. The substantial increases in both altcoins can be attributed to Upbit's listing of POKT/KRW, LPT/KRW, and LPT/USDT pairs.
Pocket Network, a US-based protocol that provides decentralized RPC (Remote Procedure Call) services to decentralized applications, earns rewards by responding to incoming requests.
Livepeer, on the other hand, is a decentralized video streaming platform built on the Ethereum network. It aims to provide more accessible and scalable alternatives to traditional infrastructure services, with a focus on the "transcoding" process, which converts video files into formats suitable for various devices.
Upbit's influence on crypto prices has been observed previously. In February, the listing of the TRUMP meme coin on the exchange led to a sudden price increase. Later, the listings of DeepBook (DEEP) on Binance and Upbit also contributed to the token's double-digit gains.
While the specific factors influencing the surge of POKT and LPT in late May may not be entirely clear, common drivers of price increases for cryptocurrencies include exchange listings, positive market news, and overall market sentiment.
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- Despite the overall decline in the cryptocurrency market, investments in selected altcoins like Pocket Network (POKT) and Livepeer (LPT) have proved profitable, as evidenced by their significant price increases on Upbit exchange.
- The surge in Pocket Network (POKT) and Livepeer (LPT) can be attributed to factors such as Upbit listings, positive market sentiments, and potentially, other unidentified factors influencing the finance and investing landscape of the cryptocurrency market.
