The price of Internet Computer (ICP) experienced a significant surge of approximately 16% following the announcement that South Korea's largest cryptocurrency exchange, Upbit, will list the altcoin. The value jumped from around $2.35 to a high of $2.73 within minutes of the news.
Upbit confirmed that trading support for ICP will begin on March 11th at 5 PM local time, with trading pairs including ICP/KRW, ICP/BTC, and ICP/USDT. Deposit and withdrawal operations were scheduled to commence within 1 hour and 30 minutes of the announcement's publication. The exchange noted that the start time could be postponed if sufficient liquidity is not provided.
The listing comes with specific trading restrictions: buy orders cannot be placed for approximately the first five minutes after trading begins, and during that same period, sell orders cannot be placed at levels more than 10% below the previous day's closing price. Only limit orders will be allowed for the first two hours of trading. ICP's previous day closing price was recorded at 3,707 KRW.
Upbit is currently the world's third-largest centralized spot exchange with a 24-hour trading volume of around $1.16 billion, trailing only Binance and Coinbase. This listing is expected to significantly increase ICP's liquidity and market reach, particularly in the Asian region.
ICP, the native token of the Internet Computer protocol—a decentralized cloud computing platform—is the 47th largest cryptocurrency with a total market capitalization of $550 million. Its 24-hour trading volume saw a dramatic 170% increase following the listing announcement, reaching approximately $147 million.
While exchange listings on major centralized venues have historically led to considerable price increases for newly listed cryptocurrencies, especially for altcoins with thinner market depth, such moves are often not sustainable and frequently result in price reversals.
