The South Korean crypto market will add the two coins next week, with the support announcement triggering a significant price increase for SALT and RDN on Friday morning.
Salt (SALT) and Raiden Network Token (RDN), two native tokens in blockchain-based platforms, leaped more than 35% and 20%, respectively, on a daily basis on Friday morning UTC as one of the largest virtual currency markets, Bithumb, said it would add the two coins to its trading platform next week.
The South Korean exchange released the announcement at around 01:15 UTC on Friday, prompting an immediate price increase for both SALT and RDN. SALT, which is the digital coin of a decentralized platform for blockchain-based loans, rose from $0.55 to $0.71 less than a 10 minutes after the release of Bithumb’s statement. Ten hours later, the asset had sustained the positive momentum, changing hands at $0.69, which was a 35.63%% increase compared to the previous day.
SALT clocked more than $20.6 million in trading volume for the 24 hours to 11:05 UTC on Friday. Binance markets with Bitcoin (BTC), and Ethereum (ETH) accounted for $8.5 million of it, followed by $5.5 million in trading from SALT pairs with BTC, and ETH on UpBit. SALT currently ranks at number 110 in the market capitalization list with $49.7 million in value.
Bithumb also provoked a significant price increase for Raiden Network Token, the utility coin of a DLT-based payment platform. RDN changed hands at $0.52 at 01:14 UTC on Friday but jumped to nearly $0.70 at 01:24 as the South Korean exchange announced its support. The cryptocurrency was trading at $0.63 at the time of writing, which made for an increase of 21.02% on a daily basis.
RDN sits at number 144 by value with a market cap of nearly $32 million. In the past day, it clocked trading volumes of $6.6 million, of which nearly $4.5 million came from Binance Raiden Network Token pairs with BTC, ETH, and Binance Coin (BNB). Huobi was the second largest RDN market as the exchange pairs with Bitcoin and Ethereum accounted for $1.2 million of the coin’s volume.
SALT and Raiden Network Token on Bithumb
The exchange will support one trading pair for SALT and RDN each, matching them with the country’s fiat currency, the won. Bithumb will open the trading services on October 10 at 15:00 UTC, but deposits will be available as of October 6.
Bithumb, which offers more than 50 crypto-to-fiat pairs, is one of the largest virtual coin markets with $342 million trading volume for the last 24 hours.