Tezos price rises 6.3% as trading volumes surge in Korea

Prices for Tezos (XTZ) over the past 24 hours jumped 6.3% amid stagnation in the overall crypto-market capitalisation. The token traded around $0.69, with an intraday high of $0.74.

Trading volumes surged, with the last 24 hours’ total exceeding $132 million, far above the levels seen over the prior 30 days.

The largest contribution came from the South Korean exchange Upbit, where Tezos’ 24-hour trading volume in the XTZ/Won pair approached $42.5 million. This accounted for about 32% of the total.

Next in the ranking were the token markets on Binance, BiONE and XT.com. The latter two platforms are primarily oriented toward Asian users.

According to CoinGlass, the sharp rise in XTZ price led to liquidations of derivatives based on the asset amounting to a record over $650,000.

According to Decrypt, experts noted that similar situations with price rises amid spikes in trading in South Korea and liquidations in the futures market had previously occurred with Bitcoin Cash (BCH), Aptos (APT), 1inch (1INCH) and Immutable X (IMX).

In all cases, such moves were followed by a decline in prices.

As reported, the price of Ethereum (ETH) over the 24 hours fell by 2.6% after the Ethereum Foundation sold 1,700 coins from the foundation’s assets.