Crypto News– Tezos’ impressive surge in price can be attributed to a significant increase in trading activity on South Korean exchanges, most notably UpBit, combined with substantial liquidations.
Tezos Surges 7% Due to Increased South Korean Trading Activity and Futures Liquidation
Over the past 24 hours, XTZ achieved a trading volume of $122.8 million, a remarkable jump compared to its 30-day average of $16.8 million, as reported by CoinGecko.
Tezos operates on a unique proof-of-stake consensus mechanism known as liquid proof-of-stake. In this system, network validators, referred to as “bakers” in the Tezos network, play a pivotal role in governing the network by voting on protocol changes or updates. Additionally, XTZ holders have the option to delegate their tokens as votes to bakers for decision-making on their behalf.
Among the exchanges, Upbit took the lead in trading volume over the last 24 hours, totaling $39.7 million, followed by Binance, BiONE, and XT.com.
Notably, BiONE and XT.com have a strong focus on Asian markets, particularly in South Korea.
The recent price surge led to liquidations totaling nearly half a million dollars, marking a three-month high for the Tezos (XTZ) token across various futures exchanges, according to CoinGlass data.
This trading scenario has drawn parallels to previous occurrences involving tokens like Bitcoin Cash (BCH), Aptos (APT), 1inch (1INCH), and Immutable (IMX). Historical data from CoinGecko reveals that these tokens typically experienced negative price movements after witnessing substantial pumps driven by South Korean trading volumes and subsequent liquidation spikes.
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