These Low-Cap Altcoins Soared Following Significant Upbit Listings

Summary

• Two smaller market cap altcoins have gained significant attention by experiencing notable daily price increases.
• The primary catalyst for this growth seems to be backing from a prominent cryptocurrency exchange.

Leading Performers

Although the cryptocurrency market has experienced a general downturn within the last 24 hours, some lesser-known altcoins have bucked the trend by posting considerable gains. On this day (May 30), Pocket Network (POKT) and Livepeer (LPT) have emerged as the top gainers.

POKT’s price surged dramatically, skyrocketing by approximately 350% within a single day, reaching around $0.058, based on recent market data. This marks the highest level seen since December of the previous year, with POKT’s market cap exceeding $100 million.

Meanwhile, LPT experienced over an 80% rise in the same period. Its current price has reached a four-month peak at around $10.17, with a market capitalization of over $420 million.

The substantial price increases can be attributed to the recent announcement by Upbit. The prominent South Korean exchange has launched trading for these assets, incorporating pairs such as LPT/KRW, LPT/USDT, and POKT/KRW.

Pocket Network (POKT) operates as a decentralized infrastructure protocol based in the United States, offering RPC (Remote Procedure Call) services for decentralized applications. It consists of full nodes that maintain blockchain data and receive token rewards for fulfilling requests. 

Similarly, Livepeer (LPT), also based in the U.S., functions as a decentralized video streaming network built on the Ethereum blockchain. It aims to provide a scalable and accessible alternative to conventional services such as AWS or YouTube’s backend. The primary focus lies in video transcoding, which involves converting raw video files into formats suitable for various devices.

Previous Influences from Upbit

This isn’t the first incidence where specific cryptocurrencies have seen upward price movements due to support from the Korean exchange. Back in February, Upbit announced that users could trade TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT, leading to a significant price surge for the associated meme coin.

Several months later, Upbit teamed up with Binance to support DeepBook (DEEP), introducing trading pairs DEEP/KRW and DEEP/USDT. Following this news, the asset’s valuation surged by double digits.