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Digital coin Axelar (AXL) went parabolic over the previous 24 hours, surging more than 55% to hover at $0.9483 at press time. It even outshined Bitcoin on the daily chart. BTC gained 0.88% in the previous day to trade at $43,962.
AXL 24Hr Chart on Coinmarketcap
While the broad market optimism contributed to AXL’s price surge, news of Upbit listing AXL/BTC pairs propelled the alt to outperform. The South Korea-based exchange revealed it will list the token to expand its crypto offerings.
Upbit lists AXL
🔔 Upbit, South Korea's largest exchange, will list AXL/BTC trading pairs. AXL is the token of the cross-chain protocol Axelar, which has increased by 55.41% in the past 24 hours.https://t.co/iEfVK2G1xN
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The exchange stated that users could start depositing Axelar coins, adding that the first phase of introducing the alt to the Bitcoin Market will have some rules to boost security. For instance, Upbit will restrict buy orders during the initial five minutes and limit sell orders depending on the past day’s closing price.
Furthermore, the exchange advises traders to consider investment risks before trading any cryptocurrency, including AXL. Digital coins remain vulnerable to sharp price movements. For instance, cryptos can witness wild fluctuations due to regulatory changes and theoretical demand.
Meanwhile, Upbit showed its commitment to ensuring a secure environment for investors. The exchange emphasized that users should investigate massive funds movement from unknown sources.
Integrating Axelar underscores Upbit’s dedication to offering its users diversified opportunities in the ever-evolving cryptocurrency industry.
Axelar is a decentralized network for facilitating cross-chain communication among different blockchains. Meanwhile, the native coin AXL plays crucial roles within the ecosystem, including governance participation, covering transaction charges, and allowing stakers to become validators.
Upbit allows users to access a decentralized solution that ensures seamless cross-chain requests among various blockchains by listing AXL.
AXL will likely extend its upsurges well past the $1 mark before possible retracements. Meanwhile, continued bullishness in the broad market will propel the alt to new heights.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.