In the midst of a market that’s been mostly painted in red, Tezos (XTZ) managed to stand out with an impressive 7% price increase during early Tuesday trading. As the global cryptocurrency market capitalization took a 1% dip to $1.08 trillion, Tezos demonstrated resilience.
At the time of writing, XTZ was trading at $0.703, marking a notable 7.36% surge in the last 24 hours. This achievement is significant considering that the majority of cryptocurrencies were grappling with losses due to a sell-off the day before. Tezos did experience a drop to $0.636 in yesterday’s trading but found substantial support at this level. The subsequent bounce-back was impressive, pushing the price to highs of $0.742 in today’s trading session.
While the exact cause of this price surge remains unclear, it appears to resemble a short squeeze—a phenomenon triggered by the rapid unwinding of short positions. However, the data from cryptocurrency derivatives markets suggests that the explanation may be less straightforward.
In the past 24 hours, Tezos witnessed liquidations amounting to $553,050, of which $261,100 represented liquidations of short positions. Interestingly, long positions experienced even more substantial liquidations, totaling $291,880.
What’s even more captivating is the remarkable surge in trading volume. Over the past 24 hours, the trading volume for Tezos skyrocketed by 937%, reaching $106 million or 148,742,414 XTZ. Tezos also experienced a staggering 2,340.37% increase in derivatives trading volume, which amounted to $244.11 million according to Coinglass data. Such a surge in trading activity often indicates that traders are making strategic bets to capitalize on recent market volatility.
Taking a closer look at Tezos’s official account, it’s apparent that the cryptocurrency is advancing its journey into the world of non-fungible tokens (NFTs) with none other than the renowned soccer club, Manchester United. In fact, last year, Manchester United entered into a significant multi-year agreement with Tezos, enabling the crypto asset to be displayed on the club’s collection of men’s and women’s training uniforms.
In a recent tweet, Tezos shared exciting news about offering complimentary digital memorabilia in anticipation of an upcoming Manchester United game. This unique initiative, known as Club Memorabilia, is powered by Tezos.
Tezos’s recent surge in price and the surge in trading volumes is indeed catching the attention of the cryptocurrency community. It leaves the market speculating about the
driving forces behind this remarkable performance and the potential implications for Tezos as it dives deeper into the world of NFTs and digital memorabilia.
As the crypto market continues to evolve and surprise investors, Tezos remains a dynamic player to watch closely, offering a glimpse into the fascinating intersections of cryptocurrency and mainstream sports, entertainment, and collectibles.
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