Tech

ZetaChain (ZETA) Price Rally Takes A Pause As Liquidations Hit $2 Million

10 months ago
Bitcoin Ethereum News

Layer-1 interoperability platform ZetaChain made a stellar debut in the crypto market with the native token ZETA skyrocketing by over 150% on the first day. However, after hitting a high of $1.81 on Friday, the ZETA price has come under a bit of consolidation.

ZetaChain Records $1.81 Million in Liquidations

In the latest liquidation data sourced from CoinGlass on ZetaChain, the 24-hour period saw a total liquidation amount of $1.78 million. Broken down, long positions accounted for $1.09 million, while short positions contributed $691.11 thousand to the overall liquidation figure.

Additionally, the trading volume experienced a decline of 39.99%, amounting to $799.26 million during the specified period. Meanwhile, open interest witnessed a notable increase, rising by 21.65% to reach $40.13 million.

ZetaChain, an innovative Layer 1 (L1) blockchain, ushers in a revolutionary era of blockchain interoperability with its intrinsic chain-agnostic capabilities. With support for diverse chains including EVM, Cosmos/IBC, Bitcoin, Dogecoin, Tron, and others, ZetaChain empowers developers by facilitating smooth data and native value transfers between various blockchains.

In addition to its interoperability features, ZetaChain will provide native support for smart contracts. This functionality empowers developers to create omnichain decentralized applications (dApps) capable of efficiently managing funds across multiple chains through a single contract, thereby enhancing flexibility and operational efficiency.

More Exchanges Announce ZETA Listing

Two of the topmost crypto exchanges – Binance and Coinbase – were among the first to announce the listing for ZETA, the native token of ZetaChain. On Friday, February 2, crypto exchange OKX also introduced a USDT-margined ZETA contract on its perpetual futures market at 3:30 AM (UTC), providing users with the opportunity to trade ZETA/USDT with leverage of up to 50x.

Furthermore, the exchange also activated margin trading and Simple Earn features for the ZETA token on February 2.  This development follows the recent listing of ZETA/USDT on OKX’s spot market at 3:00 AM (UTC) on February 1.

ZetaChain officially announced that the ZETA airdrop is still live and users need to whitelist their wallets before claiming the ZETA tokens.

Some market analysts believe that the ZETA price rally can resume after a short break and that the cryptocurrency has the potential to reach $5.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/zetachain-zeta-price-rally-takes-a-pause-as-liquidations-hit-2-million/