Upbit Listing Sends QuarkChain (QKC) Soaring
The Seoul-based exchange has added a QKC pair with the Korean won on its domestic platform.
QuarkChain (QKC), one of the top 100 digital coins, rose nearly 25% on a daily basis on Tuesday UTC South Korean cryptocurrency market Upbit added the asset to its domestic trading roster. QKC, which is a different project from Quarк (QRK), is not available on the company’s Singapore-based exchange, whose target is international investors.
Upbit listed QuarkChain at 07:30 UTC on Tuesday in a pair with the South Korean won. The asset was not added to the other three markets the Seoul-based platform maintains: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
The listing announcement was published at 03:50 UTC, triggering a surge of nearly 27% in the QKC price within 40 minutes. The momentum held in the following four hours, pushing QuarkChain up 26.31% on a daily basis. The asset changed hands at $0.04, according to Coinmarketcap data.
QKC clocked $18.9 million in trading volume for the 24 hours to 08:41 UTC on Tuesday. Binance exchange pairs with BTC and ETH accounted for 94.39% of the total, or $17.8 million. Bitrue was a distant second, its QKC pairs with Ripple’s XRP (XRP), Bitcoin, and Ethereum recording $307,733 in trading volume (1.63%).
Despite the dominance of Binance in QKC trading, the Upbit listing is very significant for the QuarkChain project as the US-based company tries to focus on Asian markets after hiring a special manager for its South Korean operations last July.
QuarkChain was founded in March 2018 and offers a blockchain solution for the creation of decentralized applications (dApps). Currently, QKC ranks at number 84 on the cryptocurrency market capitalization list with $36.2 million in value. Currently, the project has 801 million coins in circulation, with the supply cap set at 10 billion.