ICP soared by 16% after being listed on South Korea’s largest exchange, but will the momentum last?
Internet Computer (ICP) saw its price explode by roughly 16% following its listing on South Korea’s largest cryptocurrency exchange, Upbit.
The altcoin’s value rose from around $2.35 to a high of $2.73 within minutes of the announcement. Trading pairs include ICP/KRW, ICP/BTC, and ICP/USDT.
In case you’re wondering, exchange listings on major centralized venues have historically led to considerable price increases for newly listed cryptocurrencies. This is especially true for altcoins with thinner market depth, where it’s easier to move the price with smaller amounts.
Upbit is currently the third-largest centralized spot exchange in the world, with a 24-hour trading volume of around $1.16 billion, according to CoinMarketCap, trailing only Binance and Coinbase.
ICP is the 47th largest cryptocurrency by means of total market capitalization ($550M) and around $147 million in 24-hour trading volume – a metric that’s a whopping 170% up in the past day, showcasing the impact of the listing.
Usually, though, these moves are not as sustainable and result in reversals, but it’s interesting to see if ICP will follow a similar path.
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