- Blur, recently listed on the South Korean exchange Upbit, witnessed a 22% rise and a significant 1,240% trading volume increase within 24 hours.
- Arbitrum, a Layer 2 blockchain solution, reported a 33.2% surge in the last 12 days, with mounting activity contributing to its market momentum.
Decentralized finance (DeFi) and non-fungible token (NFT) associated altcoins are taking center stage in the crypto market, with a host of these digital currencies, including blur (BLUR) and arbitrum (ARB), registering double-digit increases over the past week. This surge occurs as funds begin to transition from larger crypto assets such as bitcoin (BTC) and ether (ETH) to more speculative tokens.
The native token of the eponymous NFT exchange, Blur, has experienced an upswing of over 22% in the last 24 hours following its listing on South Korea’s Upbit exchange. This listing event triggered a significant hike in trading volume, with a staggering $241 million being recorded within a day—an impressive 1,240% surge from the previous day’s trading volume, according to CoinmarketCap data.
Such an impressive rally represents a paradigm shift from the sentiment prevailing three weeks ago when the Securities and Exchange Commission (SEC) launched an offensive against altcoins, labeling them as securities.
As Bitcoin trades comfortably above the $30,000 mark, after two weeks of rigid pricing below $26,000, traders are shifting their focus towards lower liquidity trading pairs. Near Protocol’s native token (NEAR) also reported a spike of over 20% following its partnership with Alibaba’s cloud services.
In a similar vein, Arbitrum has experienced a 33.2% boost over the past 12 days as its Layer 2 blockchain witnesses increasing activity. The total value locked (TVL) on Arbitrum-based platforms such as GMX and Radiant has grown by 12.5% and 9.3% respectively over the past week, according to data from DefiLlama. This is indicative of traders’ increasing eagerness to take advantage of DeFi yields.
Bitcoin cash (BCH) markets are experiencing a year-high open interest—a metric that measures the total number of open derivatives positions on a particular asset—suggesting that investors are backing the ongoing rally with leverage.