Increase in Ledger Value: What Causes the Amount to Rise?
EPT's Skyrocket on Bithumb: An Unprecedented 72% Surge
In an electrifying turn of events, the price of the homegrown token, EPT, soared an astonishing 72% on the South Korea-based crypto exchange, Bithumb. CoinGecko's data confirmed the phenomenal upswing, reaching a daily high of $0.012 on May 8. This remarkable price increase sent shockwaves through the crypto community, with investors dubbing it a "pump."
EPT's market capitalization neighborered $27 million, while daily trading volume spiked by 44% to around $63 million. The frenzy saw EPT's open positions in derivative markets expand by approximately 52% to around $20 million in the last 24 hours.
The Secret Behind the Surge
The driving force behind EPT's price movement was Bithumb's announcement that it would list EPT on its KRW (Korean Won) pair on May 8 at 6:00 PM. This listing marked EPT's debut on another major exchange, following its launch on platforms such as Binance Alpha, Gate.io, KuCoin, Bitget, and MEXC on April 21. The total supply was set at 10 billion tokens at launch.
Technical Insights
Technical indicators provided a positive outlook. EPT broke through the descending channel on the 4-hour chart, suggesting a potential trend reversal. The token is currently trading above its 20-day moving average. Additionally, a bullish crossover was observed in the MACD indicator, signaling the end of the short-term downtrend.
Did you know? South Korean Prosecutors raided Bithumb, adding intrigue to the already tumultuous crypto landscape.
If the uptrend persists, EPT could break through its next resistance level of $0.014. Breaching this barricade would pave the way for the price to touch its all-time high of $0.017, representing a sizable 54% increase from the current price. At the time of the news release, EPT was trading around $0.011.
Looking for a Bonus? Sign up using this link and secure an exclusive $600 bonus from Binance.Details FacebookTwitterLinkedInTelegram*
- The unexpected surge of EPT on Bithumb can be attributed to Bithumb's announcement to list EPT on its KRW pair on May 8, marking its debut on another major exchange.
- Despite the South Korean Prosecutors raiding Bithumb, the price of EPT has shown resilience, breaking through its descending channel and trading above its 20-day moving average.
- If the uptrend persists, EPT could breach its next resistance level of $0.014, potentially leading to the price touching its all-time high of $0.017, representing a 54% increase from the current price.
- The recent average daily trading volume of EPT markets has surged significantly, with a spike of 44% to around $63 million on Bithumb.
