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WAX (WAX) Price Jumps as Upbit Adds Fiat Pairs


cryptovest.com 11 December 2018 17:00, UTC
Reading time: ~2 m

WAX (WAX), a native token inside the upcoming Worldwide Asset eXchange, rose more than 2% on a daily basis on Tuesday morning UTC as South Korean virtual asset trading platform Upbit announced a plan to add the coin to its home and international fiat markets. The move shows the power of the largest exchanges on cryptocurrency prices once again.

Upbit listed WAX on its domestic platform’s fiat Korean won market at 07:00 UTC on Tuesday, and announced backing of the asset in a pair with the Singapore dollar on its Singapore-based platform in the coming hours. Upbit Singapore targets English-language speaking investors worldwide.

The Upbit support announcement triggered more than 65% increase on the WAX price from 06:00 to 07:09 in the preparation of the listing to the Korean won market. WAX continued its positive trend during the Tuesday morning, and more than four hours later, the asset changed hands at $0.06 per coin, which is a 2.47% increase on a daily basis.

Upbit, which currently supports WAX trading in Bitcoin (BTC), and Ethereum (ETH) on its South Korean and Singaporean venues, is the largest market for the asset. The exchange accounts for 38.80%, or $5.1 million of WAX’s $13 million trading volume for the last 24 hours to 11:32 UTC on Tuesday. In second place was Bittrex, whose BTC and ETH pairs clocked $5.6 million in trading or, 36.90%, according to Coinmarketcap data. Currently, Bittrex does not support WAX trading in its fiat US dollar market.

The third largest WAX exchange was Bithumb as its Korean won pair recorded $1.6 million (10.70%) of the asset volume, followed by Huobi Bitcoin, and Ethereum markets, which clocked $1.5 million (10.40%).

Currently, WAX sits at number 65 in the cryptocurrency market capitalization list with $56.1 million in value.

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