Upbit Global, the South Korean cryptocurrency Exchange has announced the addition of two cryptocurrencies on its Exchange: Fusion (FSN) Coin and BitShares (BTS). The announcement was made on 25 March at around 9 00 UTC when the price of both coins shot by 80% in a span of 1 hour. However, correction followed instantly as well.
Price Reaction to the Exchange Listing
Bitshares, as the name suggests is equivalent to a share in the Decentralized Autonomous Company (DAC). Famous crypto-entrepreneur, Daniel Larimer initialized the concept. The price of Bitshares (BTS) at 10 00 UTC on 25 March 2019 is $0.0641. It is trading 22.2% higher on the daily scale. It is ranked 38th wr.t. Total Market Capitalization.
Fusion is a cryptocurrency based platform that is developed to increase the interoperability between different Blockchain platforms. The price of Fusion (FSN) at 10 00 UTC on 25 March 2019 is $0.6551. It is trading 40.5% higher on the daily scale. It is ranked 178th wr.t. Total Market Capitalization.
The instantaneous rise recorded on Fusion Coin (FSN) was about 82.2%, while the surge in Bitshares (BTS) was also 90% at around 9 Hours UTC. The 30-min chart also shows stark similarities between the two graphs. A bearish engulfing channel instantly followed the Bullish Marubuzo.
The small market capitalization of these cryptocurrencies makes it vulnerable to sudden price changes. However, the addition of a ‘token’ to a new Exchange implies increased visibility and usability.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com