Onyxcoin (XCN) climbed to a 3-month high after South Korean exchange Upbit confirmed it will list the token today.
The altcoin saw a notable price surge after the announcement, reaching an intraday peak of $0.0086, its strongest level since mid-January.
Onyxcoin (XCN) Price Jumps to January Highs Ahead of Upbit Debut
At press time, XCN was trading at $0.0077, up 64.48% since the announcement. The sharp rally has propelled the token to the top of the gainers’ list among the 1,000 largest cryptocurrencies by market capitalization on CoinGecko.
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The daily trading volume also jumped 629% to reach $37 million. South Korea’s second-largest crypto exchange accounted 25.45% of the total volume. Historically, Upbit listings have produced sharp short-term price reactions in newly listed altcoins.
Meanwhile, the exchange revealed that XCN trading will start at 16:00 Korean Standard Time (KST). The altcoin will be available to trade against two pairs: the Korean Won (KRW) and Tether (USDT).
“Please be sure to verify the network before depositing digital assets. Deposits and withdrawals through networks other than the one specified are not supported,” the notice read.
The exchange also noted that it will apply short-term trading restrictions. For the first five minutes after trading opens, traders will not be able to place buy orders, and sell orders priced more than 10% below the previous day’s closing value will be blocked.
Additionally, the exchange will permit only limit orders for approximately two hours after trading support begins. The temporary measures are meant to reduce volatility and ensure a fair, controlled start to XCN trading.
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The post Upbit Listing Pushes Onyxcoin (XCN) to Highest Level in 3 Months appeared first on BeInCrypto.
