On September 1st, a notable fluctuation occurred with the CYBER cryptocurrency on the Upbit exchange – a well-known trading platform in South Korea. Despite the anomaly, the noteworthy point is that the price of CYBER surged to $15.8 on the Bybit exchange, while on other international exchanges such as Binance, Coinbase, OKX, and Huobi, it hovered around $10. This discrepancy has sparked curiosity and raised questions.
There are differing opinions about the reasons behind this price difference. Some believe that the price increase of CYBER on Upbit could be attributed to a surge in investments from South Korea, causing the price to rise more rapidly compared to other exchanges. However, the BlockBeats platform has provided an alternative explanation. According to them, the reason for the price difference on various exchanges is due to the fact that the CYBER trading on Upbit comes with a significantly higher insurance fee compared to the global market. This leads to the price of CYBER on Upbit being around 75% higher than on other exchanges, thus resulting in a price of $15.8. However, specifics about how this insurance fee operates are still unclear.
It’s important to note that Upbit is one of the largest exchanges and holds the highest amount of CYBER tokens in circulation, accounting for approximately 33% of the total supply.
While the nearly fourfold price increase in recent times is good news for CYBER holders, the substantial price difference between trading platforms serves as a cautionary tale for new investors. This underscores the significance of grasping accurate information and conducting thorough analysis before venturing into the cryptocurrency market.
Currently, CYBER is trading around $12.24, marking a 45% increase within a 24-hour period, with a market capitalization of $124 million.
Similarly, a price difference occurred earlier with the SEI cryptocurrency. On August 15th, the value of SEI on Upbit reached $0.52, while on the Binance exchange, it was only $0.23. Though the price gap still exists, the difference between the two prices has narrowed by August 16th.
Apart from Upbit, the price of SEI on Coinbase also displayed significant variation compared to other exchanges, rising to nearly $1, four times the price on Binance.
It’s evident that Upbit plays a crucial role in boosting the prices of recent cryptocurrencies such as STG, BCH, BLUR, MINA… In this context, understanding and careful consideration before investing are paramount.