Quotes of Tezos (XTZ) jumped by 6.3% within a day against the backdrop of stagnation in the overall capitalization of the crypto market. The token is trading around the level of $0.69, at the moment the rate reached $0.74.
The price movement was accompanied by a sharp increase in trading volumes. Over the past 24 hours, the figure exceeded $132 million, which is several times higher than the values for the previous 30 days.
The largest contribution was made by the South Korean exchange Upbit, on which the daily trading volume of XTZ paired with the won approached $42.5 million. This amounted to about 32% of the total.
Next in the ranking are the token markets on Binance, BiONE and XT.com. The latter two platforms target mainly Asian users.
According to CoinGlass, the sharp rise in the price of XTZ led to the liquidation of a record amount of over $650,000 in derivatives positions based on the asset.
According to the observations of Decrypt experts, previously similar situations with an increase in the exchange rate against the backdrop of a surge in trading in South Korea and liquidations in the futures market were observed with Bitcoin Cash (BCH), Aptos (APT), 1inch (1INCH) and Immutable (IMX).
In all cases, this was followed by a decline in prices.
Let us remind you that the price of Ethereum (ETH) fell by 2.6% per day after the Ethereum Foundation sold 1,700 coins from the organization’s assets.
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