Bluzelle (BLZ) has struggled since March. However, the recent spike in the asset’s trading activity has sparked a bull run for BLZ.
Data provided by Coinglass suggests that the derivatives trading volume of Bluzelle rose by 300% over the past 24 hours, surpassing $2.5 billion.
In addition, BLZ is trending on Binance, Bybit, and Bitget crypto exchanges, with most traders aiming at long trades.
Moreover, the open interest (OI) in Bluzelle has also spiked by 36.4%, reaching $87.46 million, per Coinglass.
BLZ is up by 34% in the past 24 hours and trading at $0.103 at the time of writing. Its 24-hour trading volume surged by 275%, exceeding the $200 million mark with a market capitalization of $42.35 million.
BLZ’s weekly gains sum up to 99% as the asset ranks 401 in market capitalization.
According to data from Santiment, the number of active BLZ deposits onto the exchanges grew by 975% in the past 24 hours. Consequently, this caused the Bluzelle supply on exchanges to hit a new all-time high (ATH) of 284.15 BLZ tokens.
Moreover, Santiment data suggests that the number of exchange deposit transactions has increased by 150% since Aug. 12.
The high trading activity of BLZ, especially in the derivatives zone, has caused a significant rise in the asset’s price volatility. It’s important to note that Bluzelle has already registered a drop from its local top of $0.115 on Aug. 13 — its price volatility has also fallen.
Source: https://crypto.news/blz-price-jumps-amid-high-derivatives-trading-activity/