Crypto Revolution: Upbit Starts Trading 4 New Altcoins Today!

Crypto Revolution: Upbit Starts Trading 4 New Altcoins Today!

Upbit, one of the leading crypto exchanges in South Korea, today added four new altcoins to its trading offering. The new tokens Ether.fi (ETHFI), Resolv (RESOLV), Initia (INIT) and Spark (SPK) are now tradable. This move comes in a dynamic crypto market where constant innovation and new projects are in demand. Trading started today at 3:00 p.m. KST (6:00 a.m. UTC) and both deposits and withdrawals are already open.

To participate in trading, users must be KYC verified. This means that only verified account holders are allowed to initiate deposits. Larger deposits will also require the sender to provide documents to verify the origin of the funds. The new altcoins will be tradable against Tether (USDT) and Bitcoin (BTC). For ETHFI, RESOLV and SPK, transactions are processed over the Ethereum network, while INIT runs over the dedicated Initia network.

Trading Restrictions and Price Movements

Upbit will temporarily introduce trading restrictions to ensure a stable launch of the new tokens. Buy orders are blocked approximately five minutes after trading begins. In addition, sell orders that are more than 10% below the previous day's closing price will also be restricted during this time. In the first two hours after the official launch, traders are only allowed to place limit orders.

In terms of price development, the new tokens have already experienced initial changes. Resolv (RESOLV) has recorded the highest gains in the last 24 hours, with over 6%, followed by Initia (INIT) with 4.75% and Spark (SPK), which gained about 2.5%. In contrast, Ether.fi (ETHFI) suffered moderate losses of 0.37%.

Market trends and developments

Interestingly, tokens have historically often lost value following a spot listing as initial speculative momentum declines. The launch of these new altcoins comes shortly after the launch of GIWA Chain, an Ethereum Layer 2 network based on the Optimism OP stack. GIWA Chain promises a remarkable block time of just one second as well as EVM compatibility, which could make it easier to use and integrate into existing systems.

Upbit's new listings therefore come in the context of an ever-evolving market where speed and efficiency are crucial. As the crypto landscape grows relentlessly, it remains to be seen how these new tokens will continue to develop and what trends will emerge from these introductions.

For more details on the new listings and current market developments, please visit Crypto News.