|
Getting your Trinity Audio player ready...
|
- Four altcoins—BICO, BMT, NIL and GWEI—are set to begin trading on Upbit at 1 p.m. KST.
- GWEI led the rally, gaining 11.75%, while trading volumes climbed sharply across all four tokens.
- Early gains may face pressure once trading opens and Upbit’s initial launch restrictions expire.
South Korea’s largest cryptocurrency exchange, Upbit, is preparing to add four altcoins to its trading platform, triggering a sharp market reaction ahead of the launch. Biconomy (BICO), Bubblemaps (BMT), Nillion (NIL), and ETHGas (GWEI) all moved higher after the exchange announced the listings.
Trading is scheduled to begin at 1 p.m. KST, with the four assets initially available against Bitcoin (BTC) and Tether (USDT). The announcement highlights how strongly major exchange listings can influence short-term altcoin prices and trading activity.
GWEI Leads the Upbit Listing Rally
ETHGas posted the strongest immediate gain among the four tokens. GWEI climbed 11.75% against the dollar, while BMT advanced 7.48% and BICO rose 7.35% in the period following the announcement.
NIL recorded a more modest but still notable increase of 5.11%.
The price moves underline the importance traders place on Upbit listings, particularly for smaller-cap assets. Greater exchange access can increase visibility and potentially bring additional liquidity, although the initial reaction does not necessarily translate into sustained gains.
Trading Volume Surges Across All Four Tokens
The price gains were accompanied by significant increases in trading activity.
According to CoinGecko figures cited in the market data, GWEI recorded the largest percentage increase in 24-hour volume, jumping 197.70% to $11.1 million. BICO followed with $34.5 million in volume, representing a 46.70% increase.
BMT generated roughly $12 million, up 25.70%, while NIL reached $14.6 million after a 21.40% rise in volume.
The simultaneous increases in price and activity suggest traders were positioning ahead of the opening, rather than the move being driven solely by thin liquidity.
Upbit Sets Restrictions for the Launch
Upbit will support BTC and USDT markets for all four assets but has not announced KRW trading pairs. Deposits and withdrawals are expected to become available within two hours of the listing notice.
The exchange will also apply temporary trading restrictions. Buy orders will be limited for roughly five minutes after trading starts, while sell orders priced at least 10% below the previous day’s close will face restrictions during the same period.
For about two hours after launch, trading will be limited to limit orders.
Also Read: Upbit to Delist 3 Crypto Tokens on September 14: STORJ, JASMY and TT Face Major Exchange Exit
The biggest question for BICO, BMT, NIL and GWEI is whether their pre-launch gains can survive the opening session. Previous Upbit listings have shown that early buying can lose momentum once trading officially begins and initial demand is absorbed.
For now, the four-token rally demonstrates the market’s sensitivity to major exchange announcements. Traders will be watching price action, volume and liquidity closely once the Upbit altcoin listings go live.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
