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These Altcoins Are on Fire Backed by South Korea’s Crypto Giants

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TL;DR

  • Three low-cap altcoins experienced significant rallies after being embraced by Upbit and Bithumb.
  • This isn’t the first time Korean exchanges have driven price pumps – Ravencoin (RVN), Pocket Network (POKT), and Livepeer (LPT) recently saw massive surges following listings on Upbit’s platform.

FORT Leads the Way

Multiple leading altcoins have recorded slight price drops over the past 24 hours following the US Federal Reserve’s decision to keep interest rates unchanged and the ongoing tension in the Middle East. However, three lesser-known tokens have defied the ongoing trend, posting substantial gains.

Forta (FORT), a cryptocurrency with a market capitalization of just under $70 million, saw its valuation skyrocketing by roughly 100% on a daily scale. It soared to as high as $0.11, a level last observed in early April. 

FORT
FORT Price, Source: CoinGecko

Another token well in the green today, albeit registering a more modest increase, is Huma Finance (HUMA), which spiked by 6% to almost $0.04.

The most likely factor fueling the rally of the aforementioned assets is the support from the second-largest crypto exchange in South Korea, Bithumb, which introduced the FORT/KRW and HUMA/KRW trading pairs to its users. 

Raydium (RAY) also experienced a significant green candle on its daily price chart. Currently, it trades at around $2.22, representing a 10% increase for the day, while its market capitalization surged past $600 million.

The resurgence comes shortly after South Korea’s largest crypto exchange listed the RAY/KRW and RAY/USDT trading pairs. 

The uptrend in the mentioned altcoins comes as no surprise. With nearly 20 million users combined, Upbit and Bithumb significantly boost the visibility and accessibility of these tokens. Their backing also enhances liquidity and positively impacts their reputation.

Not the First Time

At the start of June, the price of Ravencoin (RVN) exploded by 75% after Upbit launched the RVN/KRW trading pair on its platform. It charted additional gains in the following days, hitting a five-month high on June 11. In the past week, though, RVN lost some steam, dropping by 24%. 

Other cryptocurrencies that have recently caught the eye of South Korea’s leading crypto exchange include Pocket Network (POKT) and Livepeer (LPT).

The price of the former skyrocketed by 350% towards the end of May when the company introduced the POKT/KRW pair. For its part, LPT pumped by 80% after Upbit listed the LPT/KRW and LPT/USDT pairs.

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