The recent increase in value for altcoin HYPER highlights the influence of Korean exchanges on the cryptocurrency market. Within 24 hours, the token jumped 170%, nearing its all-time high.
Sharp Rise of HYPER
HYPER, a lesser-known altcoin, surged approximately 170% within 24 hours, nearly reaching its all-time high of $0.35. The token's market cap jumped from around $20 million to over $55 million following the launch of the HYPER/KRW trading pair on South Korea’s Upbit exchange.
Market Participants' Discussions and Opinions
Some market participants express concerns that projects utilize listings on platforms like Upbit solely to offload their tokens. "Sometimes I feel bad for Koreans trading on Upbit; projects use these listings to dump their tokens on their heads," stated X user Tux.
Impact of Upbit on the Crypto Market
History shows that Upbit often acts as a catalyst for price increases. For instance, earlier this month, the meme coin Moo Deng surged over 40% in a day following its listing. In previous months, projects like Ravencoin and TRUMP also demonstrated significant price fluctuations due to Upbit's support.
The situation surrounding HYPER underscores not only the high volatility of the cryptocurrency market but also the importance of support from major exchanges such as Upbit and Bithumb. Investors should closely monitor such developments.
