Prices Are On The Rise For Those 7 Altcoins! Here’s Why

Recently, the increase in the prices of seven altcoin projects has attracted attention. In particular, the price of these cryptos increased after Upbit, based in South Korea, listed six altcoins. On the other hand, there is an increase in the ecosystem of the cryptocurrency called CRV. Here are the details…

Upbit announces altcoin listing

Upbit, South Korea’s leading cryptocurrency exchange, was known for being selective in its altcoin listings. However, due to a bill that will come into force in South Korea in July, the stock exchange has recently accelerated its listings. This bill would impose significant restrictions and rules on the types of altcoins that cryptocurrency exchanges can list.

To comply with this bill, Upbit decided to list well-known altcoins such as Bitcoin Cash (BCH), GAS, GameBuild (GAME2), NEO (NEO), Solana (SOL) and Thundercore (TT). Following the listing news, sudden increases were observed in the charts of the listed altcoins. These increases could not enable the said altcoins to reach the highest intraday prices, at least for now, since the general cryptocurrency market is mostly in the red zone today.

Convex Finance’s price increased by 100% in 24 hours

Convex Finance (CVX) has entered a remarkable uptrend, gaining more than 100% in value in the last 24 hours. This rise was accompanied by record-breaking transaction volumes on major exchanges. On June 16, crypto analyst Wu Blockchain reported that CVX/USDT spot transaction volume on Binance exceeded $32 million, a new daily record for the platform. At the same time, CVX USDT futures contract transaction volume on Bybit reached 120 million dollars.

This rise started when crypto investor CrediBULL Crypto shared his experiences with Convex Finance. The investor bought CVX for around $5 in 2021 and earned back his initial investment within a year, thanks to the high APR from two-week “bribes” or incentives. These bribes yielded approximately 30% APR paid to CVX holders, increasing in proportion to its price. In this way, the investor was able to recover his principal faster than the stipulated time.

Although CVX reached its all-time high of $60, it later fell to $2. The investor took advantage of this decline and tripled his assets, making the last purchase at $2. Based on the APR, which is still around 25%, the investor hopes to recover his investment again within a year and profit from new highs in the future. Currently, Convex Finance (CVX) is currently trading at $4.03 and its 24-hour trading volume is $174,861,508.83. CVX is up 82.40% in the last 24 hours and 68.87% in the last seven days.