BLZ price jumps amid high derivatives trading activity

BLZ price jumps amid high derivatives trading activity


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.

BLZ price jumps amid high derivatives trading activity - 1
BLZ price, deposit activities, supply on exchanges, and volatility – Aug. 14 | Source: Santiment

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.

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