Altcoins Surge 100% as South Korea’s Exchanges Back New Tokens

Several altcoins have recently experienced significant price surges, driven by the backing of South Korea’s leading crypto exchanges, Upbit and Bithumb. Forta (FORT), a cryptocurrency with a market capitalization of just under $70 million, saw its valuation skyrocket by roughly 100% on a daily scale, reaching as high as $0.11. Huma Finance (HUMA) also spiked by 6% to almost $0.04. The rally of these assets is likely fueled by the support from Bithumb, which introduced the FORT/KRW and HUMA/KRW trading pairs to its users.

Raydium (RAY) also experienced a significant increase, trading at around $2.22, representing a 10% increase for the day, while its market capitalization surged past $600 million. This resurgence comes shortly after South Korea’s largest crypto exchange listed the RAY/KRW and RAY/USDT trading pairs. The uptrend in these altcoins is not surprising, given that Upbit and Bithumb, with nearly 20 million users combined, significantly boost the visibility and accessibility of these tokens. Their backing also enhances liquidity and positively impacts their reputation.

This is not the first time South Korean exchanges have driven price pumps for altcoins. 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. 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 POKT 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.

The support from South Korea’s crypto giants extends beyond these examples. The blockchain platform Kaia, backed by Kakao, a prominent tech giant, has recently introduced a won-pegged stablecoin, joining the competitive stablecoin market. This move comes as Kakao’s payments app has seen a significant surge in value, indicating strong investor confidence in the company’s crypto initiatives. Another altcoin that has gained traction is Avalanche, which has experienced a dramatic increase in blockchain activity. This surge is largely attributed to the integration of the classic online game MapleStory into the Avalanche network, giving it a Web3 makeover. The game’s popularity has driven a substantial increase in daily transactions on the Avalanche blockchain, highlighting the potential of gaming and entertainment in boosting crypto adoption.

The region’s new president has expressed a crypto-friendly stance, which is expected to further bolster the crypto market. This political support, combined with the backing of major tech companies, is likely to drive further innovation and investment in the altcoin market. The surge in altcoins backed by South Korea’s crypto giants is a testament to the region’s growing influence in the global crypto market. As these altcoins gain more traction, they are likely to attract further investment and attention from both domestic and international players. This trend underscores the importance of strategic partnerships and political support in driving the growth of the crypto industry.