Concrete Upbit Listing: CT Hits $0.4205, Then Fades To $0.33

The Concrete Upbit listing sent CT sharply higher on October 19. Upbit's notice appeared at 16:40 Korea time, which is 07:40 UTC, and it names CT for the KRW, BTC and USDT markets. CoinGecko's hourly data has the price near $0.3027 at 07:00 UTC and about $0.3916 at 08:00 UTC.

What the Upbit notice says about trading

Trading was scheduled to start at 18:00 Korea time, or 09:00 UTC. The notice says the token runs on the Ethereum network and that deposits and withdrawals would open within an hour of the post. Upbit also warns the start could slip if liquidity is thin once transfers begin.

The top of Upbit's notice, dated October 19. Source: Upbit announcement.

New listings come with guardrails. For about five minutes after trading opens, buy orders are blocked. Sell orders more than 10% under the previous close are blocked for the same stretch. For roughly two hours, only limit orders are allowed.

The notice gives reference prices. The previous close was 412.82 KRW, or $0.3074, and the price at 16:25 Korea time was 400.21 KRW, or $0.3004.

How CT traded after the listing

Look at CoinGecko's chart and the move is hard to miss. In its 24-hour range the price went as low as $0.289 and as high as $0.4205. When we captured the page that evening it stood at $0.3293. The high is about 39% above where CT sat at 07:00 UTC, by our arithmetic. The evening price is roughly 9% above that same level and about 22% below the high.

CoinGecko's 24-hour chart for Concrete, captured on the evening of October 19. Source: CoinGecko, Concrete.

Trading volume swelled too. CoinGecko's rolling 24-hour volume started the morning around $16.5 million and was over $55 million by late afternoon.

The jump began at the time of the notice, before Upbit's market had opened. A fade followed through the afternoon. Whatever the reason, the Concrete Upbit listing did not hold the early gain.

A token far below its early high

The listing comes after a rough three weeks. CoinGecko's lowest print is $0.2164 on September 30, and its record is $0.6195 on October 2. Since that peak the token has spent most of October falling.

CoinGecko's daily prices tell the rest. CT was near $0.50 on October 3 and had slipped to about $0.31 by October 11. It climbed back to $0.39 on October 17 before sliding again. Measured from the record, the October 19 high is about 32% lower and the evening price about 47% lower.

Kraken listed CT on October 2, the same day as that record. The Concrete Upbit listing is the next major exchange step in the token's October story.

What Concrete does

CoinGecko's description calls Concrete an operating system for on-chain finance. The platform covers asset issuance, vaults, accounting and links to qualified custodians. Its products include Concrete Earn, AssetCX and an Enterprise service.

There will be 1 billion CT in total. On CoinGecko the token has a fully diluted value near $329 million, and the platform reports about $1.2 billion locked.

This is a report on exchange and market data and not a suggestion to buy or sell CT.