Analysts comment on how the latest token listings by South Korean cryptocurrency exchange Upbit have affected altcoin prices…
Algorand and Audius post double-digit gains
Upbit recently listed its Aave and 1inch tokens, and the prices of the two altcoins also responded positively. The same rally seems to be repeated in Algorand (ALGO) and Audius (AUDIO), which were listed earlier today. Historically, an exchange listing has offered a higher average return than most other market events. This is referred to as the “Coinbase Effect”. Upbit mimics the “Coinbase Effect,” and a listing announcement by the exchange represents the impetus for the tokens’ price rally. Crypto analysts are also not delaying their comments on Upbit token listings…
Analysts interpret Upbit altcoin listings
Let’s start with market analyst Alex Krüger:
Upbit listings is the new Coinbase listing. The first was AAVE and 1INCH, now AUDIO and ALGO.
IntoTheBlock data says that 81% of wallet addresses holding ALGO are currently in profit. Altcoin Sherpa recently commented on the ALGO price trend.
The analyst expects a slight bounce in ALGO price due to low volume and low volatility. Altcoin Sherpa also believes that ALGO’s price rally is weird:
ALGO: I was so wrong about that…I thought about distribution the whole way. I was expecting a small bounce from the lows, nothing like that. Strange…
According to Anthony Scaramucci, gold lurks
Could the Upbit listing announcement explain the ALGO price increase? Cryptocoin. com, former White House Communications Director Anthony Scaramucci, whose analysis we share, quoted the following in an interview recently:
I think gold will be fine but it’s kind of a straight line situation. Can it rise smoothly? Yes, but I think technologies like Bitcoin, Ethereum, and Algorand will grow exponentially due to the scalability (and) security issues around them.