WalletConnect Token decoupled from the broader crypto market’s bearish sentiment after the Upbit exchange announced the listing of the asset.
WalletConnect Token recorded a strong rally after the leading South Korean crypto exchange Upbit announced the listing.
According to the official announcement, Upbit will enable WCT transactions at 09:00 UTC on April 16. The exchange will support the Optimism-based token with the Korean won, Bitcoin BTC $84 757 24h volatility: 0.5% Market cap: $1.68 T Vol. 24h: $11.63 B and USDT trading pairs.
WCT has already been listed on some of the leading crypto exchanges, including Binance, Bybit, OKX, and Bitget, to name a few.
WCT is the native token of the WalletConnect Network, an open-source protocol connecting crypto wallets with decentralized applications.
Thanks to the latest announcement from Upbit, WCT rallied 36% over the past day. The token is currently trading at $0.55, slightly down from its all-time high of $0.58 earlier today.
WalletConnect Token’s market cap is hovering at $100 million with a daily trading volume of roughly $600 million.
According to data from CoinGlass, WCT recorded a sudden rise in its short calls. Traders started betting against the asset. Its total funding rate dropped to 0.2% below zero with an open interest of over $90 million.
However, the funding rate has already started moving upward, currently at 0.12% below zero. This movement suggests the rise of optimistic trader interest in the token.
WCT’s price rally comes while the broader crypto market wanders in bearish conditions. The global crypto market cap is down by 2.6% and is hovering at $2.63 trillion, according to CoinMarketCap.
Is Upbit the Lifesaver?
WCT is not the only token to skyrocket after the Upbit announcement.
Listing calls from the South Korean exchange brought bullish momentum to Filecoin FIL $2.63 24h volatility: 4.9% Market cap: $1.73 B Vol. 24h: $112.14 M , rising 8%, VIRTUAL VIRTUAL $0.57 24h volatility: 1.5% Market cap: $372.15 M Vol. 24h: $59.40 M , rallying 28%, VeThor VTHO $0.00277 24h volatility: 6.2% Market cap: $246.13 M Vol. 24h: $61.74 M , skyrocketing 230%.
In October 2024, SAFE SAFE $0.42 24h volatility: 0.0% Market cap: $236.19 M Vol. 24h: $5.25 M also registered a 75% rally following the listing announcement from Upbit.
Upbit is the leading crypto exchange in South Korea with a daily trading volume of $3.1 billion, CMC data shows.
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