Soaring Crypto EGLD - Asia Turns Away from Bitcoin!

The remarkable rise of the EGLD crypto has recently captured the market’s attention, primarily driven by the actions of the South Korean exchange, Upbit Global. Following this upheaval, the price of EGLD reached the $93 mark. What exactly happened?

EGLD’s Meteoric Rise on Upbit

Recently, significant commotion rippled through the crypto world as the price of EGLD soared to $93 on the South Korean exchange platform, Upbit.

The swiftness of this increase caused shockwaves across other pairs, triggering a massive arbitrage effect. An analysis of transactions revealed substantial sums of money being moved from Western platforms to Asian platforms, particularly Upbit Global.

These transactions were notably visible in the market, especially around the daily closing. The growing interest from Asian exchanges in EGLD remains a mystery. Theories, ranging from a possible partnership with Tencent to the role of the Metaverse, are circulating, but nothing is certain. Nonetheless, the pronounced influence of Asia on EGLD’s trajectory is undeniable.

Upbit and EGLD’s Dominance

On Upbit, the trading volume of EGLD now competes with giants like Binance, surpassing even some major cryptos such as SOL, XRP, and BTC in terms of 24-hour volume.

A detailed analysis of transactions unveils significant financial movements, with transfers exceeding $400,000 from Binance to Upbit. The surge in EGLD’s price on Upbit had swift repercussions on other exchanges, notably leading to a price increase to $45 on Binance, breaking a long-standing downtrend.

Before this surge, similar dynamics were noted for other cryptos like HTM. The question remains: is this an orchestrated strategy or mere coincidences? Rumors suggest a DDOS attack experienced by Binance. This scenario might coincide with increased activity on Upbit and an alleged market manipulation attempt. However, these allegations remain speculative.

EGLD’s meteoric rise raises numerous questions. This event once again demonstrates the significant influence of Asian exchange platforms on the global crypto market. With the recent enthusiasm for EGLD, anticipating a retracement and monitoring key supports is crucial for investors.