The data shows that Aptos traded at a 5% premium on Upbit.
As the cryptocurrency market saw substantial action on July 4th, Aptos (APT) led the pack with an impressive 10% gain.
The uptick is closely tied to an influx of trading activity in South Korea. At one point on July 4th, Aptos (APT) retailed for $8.30. Currently, APT retails for $8.19.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Bullish vs Bearish Markets: How to Predict it? (Animated)
In addition to the significant leap by Aptos, both Bitcoin (BTC) and Ethereum (ETH) have demonstrated encouraging price movements.
Bitcoin's rise above the $31,000 mark likely stoked a favorable market sentiment. Concurrently, Ethereum is hovering between $1,950 and $2,000.
There appears to be an unusual factor influencing Aptos' recent price surge: a peculiar surge in trading volumes. South Korea's crypto exchange, Upbit, has been responsible for nearly a third of the total trading volume in the past 24 hours.
It is worth noting that Aptos traded at a premium on Upbit, with prices exceeding the rest of the market by a considerable 5%.
Interestingly, other digital currencies, including Bitcoin and Ripple (XRP), are experiencing a 1-2% premium against the Korean Won (KRW) on Upbit, though their overall impact on worldwide prices remains contained due to lower trading volumes relative to other crypto exchanges.
It's no secret that South Korean traders often target heavily shorted tokens, such as Bitcoin Cash (BCH) and Aptos. These strategic moves are typically designed to unearth the liquidation levels of short players by triggering a short squeeze.
Last week, Andrew Kang, co-founder of venture fund Mechanism Capital, reflected on this South Korean strategy during a Bitcoin Cash rally. He tweeted:
Koreans didn't need a reason to bid, all that mattered is that it kept going up and early bears got slaughtered.
Although the Aptos rally wasn't prompted by a negative funding rate—a typical sign of short-side dominance—the derivatives market saw a modest peak in short-side liquidations, achieving a 10-day high.
