Upbit, South Korea’s leading BTC and altcoin exchange, sent shock waves through the crypto markets by announcing that it has listed Axelar’s native token AXL against Bitcoin (BTC). This news led to a surge in AXL’s price, highlighting Upbit’s significant influence on the altcoin market. Here are the details…
Altcoin rises with Upbit announcement
In a short period of time, AXL witnessed a significant 70 percent increase, jumping from $0.62 to $1.06, reflecting the significant impact of Upbit’s listing announcement. This significant leap highlighted the potential of cross-chain solutions such as Axelar and the expected demand for interoperable Blockchain technologies. In its official statement, Upbit stated that AXL deposits will initially be supported only through the Ethereum (ETH) network. Additionally, Bitcoin (BTC) will be the only trading pair available initially. However, the exchange has hinted at the possibility of offering additional features and trading pairs in the future.
Recently, Upbit demonstrated its ability to influence altcoin markets by listing Binance-backed SPACE ID (ID) against Bitcoin, causing a similar price increase. The impact of Upbit, one of Asia’s largest exchanges in terms of volume, on the altcoin market is undeniable and will become even more evident, especially in 2023. Axelar acts as a bridge that seamlessly connects different Blockchain ecosystems. This protocol promotes a more interconnected and interoperable Blockchain environment by facilitating secure and efficient collaboration between decentralized applications (DApps) and other Blockchain projects.
Worked with Axelar, Google and ConsenSys
The project has a strong team with extensive experience, including people previously affiliated with well-known companies such as Google and ConsenSys. Additionally, Axelar has secured significant support from leading investors such as Coinbase Ventures, Binance Labs, and Polychain Capital. Upbit’s decision to list Axelar demonstrates its recognition of the project’s potential and its belief in the future of cross-chain interoperability. This move is expected to further increase the adoption and popularity of Axelar and push the project towards widespread recognition and use in the Blockchain ecosystem.
Looking ahead, AXL’s price action following Upbit’s listing serves as a testament to the growing demand for interoperable blockchain solutions. This trend is likely to continue as the industry embraces cross-chain technologies, fostering greater collaboration and innovation in the ever-evolving cryptocurrency space.
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