The dramatic rise of the EGLD crypto has captivated the market recently, primarily driven by action from Korean exchange Upbit Global. In the wake of this agitation, the price of EGLD reached the $93 level. What happened ?
The meteoric rise of EGLD crypto on Upbit
Recently, a major commotion shook the crypto world when the price of EGLD skyrocketed to $93 on South Korean exchange Upbit.
The speed of this rise sent shockwaves through other pairs, triggering a massive arbitrage effect. A analysis transactions reveals that large sums of money were transferred from Western platforms to Asian platforms, mainly Upbit Global.
These transactions were visible in the market, particularly around the daily close. The growing interest of Asian exchanges in EGLD remains a mystery. Theories ranging from a possible partnership with Tencent to the role of the Metaverse are circulating, but nothing is certain. Nevertheless, the pronounced influence of Asia on the trajectory of EGLD is indisputable.
Upbit and the dominance of EGLD
On Upbit, EGLD’s trading volume now rivals giants like Binance, even surpassing some of the top cryptos like SOL, XRP, and BTC in terms of 24-hour volume.
A detailed analysis of the transactions reveals significant financial movements, with transfers exceeding $400,000 from Binance to Upbit. The rise in the price of EGLD on Upbit had rapid knock-on effects on other exchanges, notably causing the price to rise to $45 on Binance, breaking a long-standing downward trend.
Before this surge, similar dynamics had been noted for other cryptos including HTM. The question remains: is this an orchestrated strategy or simple coincidences? Rumors in the corridor suggest a DDOS attack suffered by Binance. This scenario could coincide with an increase in activity on Upbit and an alleged attempt at market manipulation. However, these claims remain speculative
The meteoric rise of EGLD raises many questions. This event demonstrates, once again, the major influence of Asian exchange platforms on the global crypto market. With the recent craze for EGLD, anticipating a retracement and monitoring key supports is essential for investors.
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