Despite the slight decline experienced by most altcoins following the recent Federal Reserve decision and ongoing geopolitical tensions, some lesser-known digital currencies managed to record notable gains, primarily supported by major trading platforms in South Korea.
The digital currency FORT led the scene, achieving a daily increase of nearly 100% to reach $0.11, regaining its levels recorded in April.
This rise is attributed to its recent listing on the trading platform “Bithumb” via the trading pair FORT/KRW, which provided a liquidity boost and increased demand.
In turn, the digital currency HUMA rose by 6% to about $0.04, also driven by its listing on the trading platform “Bithumb”.
The digital currency RAY recorded an increase of 10% to trade at $2.22, after its listing was announced on “Upbit”, the largest trading platform in the country, via the trading pairs RAY/KRW and RAY/USDT.
This listing is a key catalyst, given the significant impact of the two platforms in the market due to their extensive user base exceeding 20 million users.
These increases are not unprecedented.
The digital currency RVN saw a jump of 75% in early June after being listed on the trading platform Upbit, before later declining by 24%.
The digital currency POKT rose by 350% and the digital currency LPT by 80% in May after similar movements from the trading platform Upbit.
These movements show that listing on major Korean trading platforms remains one of the most prominent driving factors for the prices of altcoins, especially in a market suffering from weak overall trends.
