Here’s why Tezos (XTZ) prices jumped by over 7% in early Tuesday trading as the market stayed in the red. Tezos (XTZ) price rise sees volume surge by 937%. While the global cryptocurrency market value dropped 1% to $1.08 trillion, a few cryptocurrencies saw an increase, such as Tezos.
As of this writing, XTZ was trading at $0.703, up 7.36% over the previous day. This is important since the sell-off from yesterday is still costing most cryptocurrencies money. In yesterday’s trade, Tezos dropped below $0.636 before finding strong support.
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As a result, Tezos had a strong surge, peaking at $0.742 during today’s trade. The exact cause of the pump is unknown, but the sudden spike in price is similar to a short squeeze, which is a rally triggered by the unwinding of short bets. Derivative data, however, leads one to believe otherwise.
Tezos (XTZ) Price Soars, Accompanied by a Remarkable 937% Increase,Tezos (XTZ) Price Soars, Accompanied by a Remarkable 937% Increase
$553,050 worth of liquidations were seen on Tezos in the past 24 hours, with $261,100 of them being short liquidations. At $291,880, long holdings suffered even greater liquidations.
The massive increase in trading volume, which increased by 937% on the previous day to $106 million, or 148,742,414 XTZ, is more alluring. According to Coinglass statistics, Tezos even had a higher derivatives volume increase of 2,340.37%, with $244.
11 million exchanged. Such a spike in trading activity frequently indicates that traders are hedging their bets in an effort to take advantage of the recent market volatility. A peek at the official X account shows that Tezos is moving forward with its NFT partnership with Manchester United.
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Last year, Manchester United and Tezos struck a big multi-year deal that would let the cryptocurrency asset be worn on the team’s assortment of men’s and women’s training outfits. Tezos said in a recent tweet that free digital artefacts will be given out in advance of the Manchester United match. Utilising Tezos, Club Memorabilia operates.
Tezos (XTZ) Price Soars, Accompanied by a Remarkable 937% Increase,Tezos (XTZ) Price Soars, Accompanied by a Remarkable 937% Increase Tezos (XTZ) Price Soars, Accompanied by a Remarkable 937% Increase