- Upbit, Korea's leading cryptocurrency exchange, announced the listing of AAVE earlier today.
- Aave price rallied in response to the listing announcement, and the token offered the second-highest risk-adjusted returns over 24 hours.
- Bluechip DeFi projects like Curve Finance and Aave Protocol drive total value locked in a decentralized finance ecosystem higher.
Open source and non-custodial DeFi protocol Aave noted a surge in price after Korea's top exchange Upbit announced its listing.
Upbit announced AAVE and 1inch listing, triggering a price rally
Upbit announced that Bluechip DeFi projects AAVE and 1inch would be listed on its platform earlier today. The tokens then went on to post higher highs on a day when Bitcoin experienced a 6% price drop.
According to CryptoQuant Analysts, AAVE's rally to $452.38 and 1inch's rally to a new all-time high may have been triggered by what it identified as users on Upbit trying to arbitrage through overseas exchanges like Binance..
Upbit is a leading Korean exchange that ranked in top global exchanges within two months of its launch. Upbit is a BTI verified exchange, and it's included among the cleanest cryptocurrency exchanges in BTI's global ranking.
Analysts are debating whether listing news for the Korean cryptocurrency exchange has a similar effect on asset prices as Coinbase announcements. The "Coinbase effect" drives cryptocurrencies prices higher before the token's launch on the platform.
Upbit's listing announcement impacted AAVE and 1inch price without other known catalysts in the two protocols. While most altcoins suffered a bloodbath alongside Bitcoin and Ethereum, 1inch, AAVE, SHIB and a few others continued an upward climb.
Upbit listed 1inch and AAVE in its KRW, fiat-crypto market.
AAVE is one of the most competitive protocols in cumulative protocol revenue over the past month.
Protocol revenue past 30 days.
Alongside AAVE, 1inch – the native token of the DEX aggregator – surged by nearly 100% and hit a new all-time high of $8.65.
AAVE has offered the second-highest risk-adjusted returns over the past 24 hours. AAVE is one of the protocols with the largest total value locked (the equivalent of market capitalization) among DeFi projects in the ecosystem.
AAVE protocol has a security score of 95 (one of the highest among DeFi protocols), and analysts expect the token to continue its upward trajectory.
Pseudonymous cryptocurrency analyst @SmartContracter shared his price prediction for AAVE in a recent tweet.
$aave putting in a solid weekly higher low here.
— Bluntz (@SmartContracter) October 26, 2021
with bluechips like crv already moving im going to assume other bluechips have bottomed and are not far behind.
defiszn is near and aave is an old favourite of mine.
10% off fees https://t.co/735xxHRpDX pic.twitter.com/XHU7u8usKt
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?