As a seasoned analyst with years of experience navigating the dynamic landscape of the cryptocurrency market, I find it intriguing to witness the impact of significant events like listings on major exchanges such as Upbit. The recent listing of CKB, the native token of Nervos Network, is a testament to the power of strategic partnerships and their potential to drive altcoin rallies.
One of South Korea’s top four digital asset exchanges, Upbit, declared it will list CKB, the native token from the Nervos Network. This decision led to an impressive 18% surge in the altcoin’s value over the past 24 hours, along with a substantial increase in both the cryptocurrency’s market value and trading activity.
As per Upbit’s announcement on Friday, CKB is set to debut on their cryptocurrency exchange on September 13th at 10:00 (UTC Standard Time). The company also clarified that deposits and withdrawals can only be made from a personal wallet address where ownership verification has been successfully completed.
In some cases, regardless of being deposited from a connected personal wallet, the funds might have to be refunded based on the specific network that the asset is operating within.
It is important to note that, as per CoinMarketCap data, Upbit is currently the fifth largest cryptocurrency exchange by spot trading volume, which amounts to $1.4 billion. The firm only supports the Korean won and has a total of 213 coins available to its customers. It is preceded by Bybit and succeeded by Kraken.
After Nervos Network (CKB) gets listed on Upbit, trading will temporarily halt for five minutes to minimize sudden market fluctuations. Additionally, selling orders will be suspended if they’re priced 10% lower than the previous day’s closing price for a period of five minutes post-listing. Lastly, both market pricing and pre-order transactions are expected to be restricted for approximately one hour following the listing.
This year, Upbit has taken steps to increase activity on its platform by listing several alternative coins, including Beam (BEAM), which it listed in May, and Ethereum Name Service (ENS) in July. Additionally, they have enabled trading for BIGTIME, UXLINK, and Aether’s ATH tokens.
Nervos Network (CKB) Price Analysis
The Nervos Network’s native currency (CKB) has surged by 18.8%, currently priced at approximately 0.0106 USD. This surge has been accompanied by a significant increase in trading volume, amounting to a staggering 589.60% boost, equating to a whopping $119 million. In terms of market capitalization, it stands at $475 million, placing it as the 115th largest cryptocurrency on CoinMarketCap.
Over the past week, CKB experienced a significant increase of 38.45%, and over the past month, its altcoin counterpart saw a rise of 23.12%. Remarkably, Nervos Network has shown an impressive growth of approximately 301.90% since last September, outpacing most cryptocurrencies within the digital asset market.
Nervos (CKB) price analysis. Photo: TradingView
The Relative Strength Index (RSI) for the Nervos (CKB) price action above reads a value of 67.96, which confirms that the bulls are currently in control of the altcoin’s price action and the chances of the continuation of the uptrend are high. However, if the RSI touches oversold levels, it is possible that investors might capitalize on the gains made thus far.
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2024-09-13 13:18