Tezos (XTZ) soared 7.5% overnight, whizzing past the majority of the crypto market which showed negative gains since yesterday, per CoinGecko data.
The positive price action for the layer-1 token can likely be attributed to a surge in trading volume on South Korean exchanges like UpBit, as well as hefty liquidations.
The 24-hour trading volume for XTZ reached $122.8 million, significantly higher than its 30 days of $16.8 million, per CoinGecko.
Tezos is a blockchain network that uses a variety of proof-of-stake consensus mechanism called liquid proof-of-stake. This means that validators in the network, in Tezos called "bakers," also play a key role in the network's governance, voting on changes or updates to the protocol. Other XTZ holders can also delegate their tokens, which double as votes, to bakers to vote on their behalf.
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Among the exchanges, Upbit recorded the highest trading volume in the last 24 hours, totaling $39.7 million, followed by Binance, BiONE, and XT.com.
BiONE and XT.com are focused on Asian markets such as South Korea.
The 24-hour trading volume of XTZ by exchanges. Source: CoinGecko.
The price surge caused liquidations worth nearly half a million dollars—a three-month high for the token—across futures exchanges in the last 24 hours, per CoinGlass data.
Similar trading circumstances were previously observed with Bitcoin Cash (BCH), Aptos (APT), 1inch (1INCH), and Immutable (IMX).
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The prices of these tokens usually followed a negative price action after a strong pump on South Korean volumes and liquidation spikes in the previous instances, CoinGecko data shows.
The previous instances with APT, IMX, 1INCH, and BCH where South Korean trading volume and liquidation spikes led the price action. Source: CoinGecko
As for the heavyweights, Bitcoin (BTC) traded 0.4% lower on the day, with Ethereum (ETH) following close behind. Yesterday, the Ethereum Foundation sold off $2.76 million in ETH, resulting in an overnight loss of 1.7%.
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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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