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Blur, Arbitrum Lead Altcoin Surge as Traders Anticipate Bull Run
Trading volume for Blur has increased by 1,240% in the past 24-hours after it was listed on Upbit.
Updated Jun 27, 2023, 11:15 a.m. Published Jun 27, 2023, 9:08 a.m.
Key takeaways
- BLUR has risen by 22% in the past 24-hours after being listed on South Korean exchange Upbit.
- Trading volume across numerous altcoins has increased significantly.
- Open interest is at record highs for several altcoins.
A series of decentralized finance and NFT-related altcoins have posted double-digit gains over the past week as capital begins to flow from larger assets like bitcoin and ether to more speculative tokens like and .
Over the past 24-hours Blur, which is the native token of its namesake's NFT exchange, has risen by more than 22% after it was listed on South Korean trading platform Upbit.
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The move coincided with a notable spike in trading volume, with $241 million being racked up in the past 24-hours - a 1,240% increase on the previous day, according to CoinmarketCap data.
The magnitude of the rally represents a shift in sentiment from three weeks ago when the Securities and Exchange Commission (SEC) went on the offensive against altcoins that it labelled securities.
With Bitcoin trading comfortably above $30,000 following a fortnight of stubborn price action below $26,000, traders are beginning to flock to lower liquidity trading pairs.
On Monday, Near Protocol's native token spiked by more than 20% after it signed a deal to use Alibaba's cloud services.
Arbitrum, meanwhile, has surged by 33.2% in the past 12-days as activity on the layer 2 blockchain continues to mount. Total value locked (TVL) on Arbitrum-based platforms like GMX and Radiant has increased by 12.5% and 9.3% in the past seven days, according to DefiLlama, as traders demonstrate an appetite to capture DeFi yields.
Open interest, which is a metric that assesses the amount of open derivatives positions on a specific asset, is resting at a yearly high on markets, suggesting that investors are backing the recent rally with leverage.
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