South Korea’s leading crypto exchanges, Upbit and Bithumb, have made headlines today by announcing the listing of two new altcoins: Hyperlane (HYPER) and Babylon (BABY). This latest development is significant, not just for the exchanges involved but also for the broader cryptocurrency market.
Upbit and Bithumb Boost Market with New Altcoin Listings
In an official statement, Upbit—a major player in South Korea’s cryptocurrency landscape—revealed its plans to list the BABY token. This token will be available for trading against Bitcoin (BTC) and Tether (USDT), providing users with more diverse trading options. Trading for BABY is set to commence at 16:00 Korean Standard Time (KST).
In a similar vein, Upbit will also support trading for HYPER against the Korean Won (KRW), which will allow local investors to engage with this altcoin in their native currency. This move not only enhances accessibility but also signifies Upbit’s commitment to promoting local investment in emerging cryptocurrencies. Trading for HYPER/KRW will begin at 17:00 KST, closely following its initial introduction against BTC and USDT in late May.
“Please make sure to check the network before depositing any digital assets. Deposits/withdrawals through networks other than the indicated network will not be supported,” reads the official notice from Upbit.
Bithumb, the second-largest exchange in South Korea by trading volume, has also confirmed the addition of the HYPER/KRW trading pair, mirroring Upbit’s strategy. Trading on Bithumb will begin at the same time as Upbit, 17:00 KST, amplifying interest and engagement from traders on both platforms.
Market Reactions to Altcoin Listings
The announcement triggered immediate and notable market reactions. HYPER, the native token of the Hyperlane interoperability protocol, saw a dramatic rise in its price following the news. Initially trading at approximately $0.151, HYPER quickly surged to $0.348—an astonishing increase of 130%. At the time of writing, HYPER was trading at $0.31, reflecting a substantial gain of 102.59%.
On the other hand, the BABY token associated with the Babylon protocol also experienced a positive uptick, marking a 21% spike immediately following the listing announcement. Although this initial surge tempered slightly, BABY was still trading up by 10.69% at $0.052 at the time of writing.
The Influence of South Korean Exchanges
The recent price movements of HYPER and BABY underscore the increasing influence that South Korea’s crypto exchanges exert on the performance of altcoins. This phenomenon is not unique to the current listings; in past instances, tokens like Raydium (RAY), Huma Finance (HUMA), and Forta (FORT) have also recorded significant gains following listings on platforms like Upbit and Bithumb. Such patterns reflect the growing appetite for altcoins within the South Korean market, showcasing a strong local investor base eager to explore new opportunities.
For investors and market watchers, these developments offer compelling insights into the dynamics of cryptocurrency trading and the potential for emerging altcoins to gain traction in a competitive environment. With the backing of established exchanges such as Upbit and Bithumb, both HYPER and BABY are poised for further growth as trade activity ramps up in the coming days.
