WalletConnect Token (WCT) Rallies 36% on Back of Upbit Exchange Listing

Key Notes

Upbit listing announcement brought an impressive upward momentum for WCT.
WalletConnect Token reached new all-time highs.
The price hike comes while the crypto market struggles in the bear zone.

WalletConnect Token [NC] recorded a strong rally after the leading South Korean crypto exchange Upbit announced the listing.

According to the official announcement, Upbit will enable WCT transactions at 09:00 UTC on April 16. The exchange will support the Optimism-based token with the Korean won, Bitcoin BTC$106 528 and USDT trading pairs.

WCT has already been listed on some of the leading crypto exchanges, including Binance, Bybit, OKX, and Bitget, to name a few.

WCT is the native token of the WalletConnect Network, an open-source protocol connecting crypto wallets with decentralized applications.

Thanks to the latest announcement from Upbit, WCT rallied 36% over the past day. The token is currently trading at $0.55, slightly down from its all-time high of $0.58 earlier today.

WalletConnect Token’s market cap is hovering at $100 million with a daily trading volume of roughly $600 million.

According to data from CoinGlass, WCT recorded a sudden rise in its short calls. Traders started betting against the asset. Its total funding rate dropped to 0.2% below zero with an open interest of over $90 million.

However, the funding rate has already started moving upward, currently at 0.12% below zero. This movement suggests the rise of optimistic trader interest in the token.

WCT’s price rally comes while the broader crypto market wanders in bearish conditions. The global crypto market cap is down by 2.6% and is hovering at $2.63 trillion, according to CoinMarketCap.