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Blur, Arbitrum Lead Altcoin Surge as Traders Anticipate Bull Run

CoindeskCoindesk2023/06/27 11:15
By:Oliver Knight

Trading volume for Blur has increased by 1,240% in the past 24-hours after it was listed on Upbit.

Altcoin season beckons (Mar Cerdeira/Unsplash)

A series of decentralized finance and NFT-related altcoins have posted double-digit gains over the past week as capital begins to flow from larger assets like bitcoin (BTC) and ether (ETH) to more speculative tokens like blur (BLUR) and arbitrum (ARB).

Over the past 24-hours Blur, which is the native token of its namesake's NFT exchange, has risen by more than 22% after it was listed on South Korean trading platform Upbit.

The move coincided with a notable spike in trading volume, with $241 million being racked up in the past 24-hours - a 1,240% increase on the previous day, according to .

The magnitude of the rally represents a shift in sentiment from three weeks ago when the Securities and Exchange Commission (SEC) went on the offensive against altcoins that it labelled securities.

With <a href="https://www.bitget.com/calculator/bitcoin-to-usd" https: www.bitget.com spot BTCUSDT">BTCUSDT">Bitcoin trading comfortably above $30,000 following a fortnight of stubborn price action below $26,000, traders are beginning to flock to lower liquidity trading pairs.

On Monday, Near Protocol's native token (NEAR) after it signed a deal to use Alibaba's cloud services.

Arbitrum, meanwhile, has surged by 33.2% in the past 12-days as activity on the layer 2 blockchain continues to mount. Total value locked (TVL) on Arbitrum-based platforms like GMX and Radiant has increased by 12.5% and 9.3% in the past seven days, according to , as traders demonstrate an appetite to capture DeFi yields.

Open interest, which is a metric that assesses the amount of open derivatives positions on a specific asset, is resting at a yearly high on bitcoin cash (BCH) markets, suggesting that investors are backing the recent rally with leverage.

Edited by Parikshit Mishra.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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