Gitcoin Surges Over 100% Following Upbit New Market Listing Announcement
Gitcoin (GTC) experienced a sharp price rally on October 12 after cryptocurrency exchange Upbit announced plans to expand trading support for the token. Upbit stated it would add GTC to its South Korean won (KRW) and Tether (USDT) markets, with trading scheduled to launch at 7:30 p.m. following a 7:00 p.m. announcement. GTC had previously only traded against Bitcoin on the platform.
Following the news, GTC jumped more than 100% intraday to pass $0.38 before pulling back slightly to trade around $0.371. The expansion significantly increases GTC's direct exposure to fiat and stablecoin liquidity on major exchange order books. Gitcoin operates as a decentralized autonomous organization (DAO) that funds open-source software and digital public goods, with its native GTC token utilized for governance functions such as grant allocation, dispute resolution, and treasury administration.
Investors will be watching how GTC retains its trading gains as order book liquidity stabilizes across the new KRW and USDT trading pairs. Market participants will also monitor ongoing governance utility and transaction volume as the expanded market access takes full effect.
Key points
- Gitcoin (GTC) rallied over 100% intraday on October 12, topping $0.38 before settling around $0.371.
- Exchange Upbit announced new GTC trading pairs in Korean won (KRW) and Tether (USDT).
- Trading in the new markets was scheduled to begin at 7:30 p.m. on October 12.
- GTC previously traded only on Upbit's Bitcoin market prior to the expansion.
- GTC serves governance roles in Gitcoin's DAO, including grant allocation and treasury management.
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How we writeDisclaimerQuestions and answers
Why did Gitcoin jump over 100% on October 12?
Gitcoin surged after exchange Upbit announced it would add trading support for GTC in its Korean won (KRW) and Tether (USDT) markets.
What is Gitcoin and how is GTC used?
Gitcoin is a decentralized autonomous organization (DAO) that funds open-source software and digital public goods. GTC is used for governance, including grant allocation, dispute resolution, and treasury management.
Where can GTC be traded on Upbit?
GTC was previously available on Upbit's Bitcoin market, and has now expanded to include Korean won (KRW) and Tether (USDT) trading markets.