The notable increase in options and derivatives trading over the past week made the market look positive. As Bitcoin’s price surpassed $38,000 and set a new record for 2023, buyer interest in the top altcoins increased. As a result, a cryptocurrency that was already trending higher, such as BLUR, saw significant price increases.
This rise raises concerns about the ability of these cryptocurrencies to maintain their momentum in the coming week. BLUR is the native token of the non-fungible token (NFT) platform of the same name.
In the world of cryptocurrencies BLUR is becoming increasingly popular after Binance unveiled its listing during a price spike.
BLUR is listed on Binance
One of the largest cryptocurrency exchanges in the world, Binance, has released a statement indicating its readiness to list and start trading the Blur (BLUR) cryptocurrency token.
On Friday, BLUR saw a 22% increase after being listed on Binance’s conversion tool. Targeting Binance’s retail customers is the convert feature. Customers can buy and sell assets without using a conventional order book.
The Binance debacle has been the main cause of surges and crashes over the past two days. The result was disastrous: the exchange had to pay the US government $4.3 billion to resolve the lawsuit, which included the departure of CEO Changpeng Zhao and a guilty plea to charges of violating anti-money laundering regulations.
The recent conflict between the US government and Binance clearly benefits BLUR’s price, just like the altcoin increased by more than 80% in just one week and is currently trading at $0.509, clearly taking advantage of the situation. In doing so, BLUR also created the bullish cup-and-handle pattern, suggesting potential upside.
The same people who created Blur also developed Blast, a layer 2 network, and Blur has done very well since launch.
BLURUSDT trading at $0.58 on the weekend chart: TradingView.com
Bouncing back from record lows
Blast went live earlier this week and has since collected over $400 million in deposits. The company will launch an airdrop in May.
Friday’s action coincides with the cryptocurrency market as a whole continuing to rise, with bitcoin (BTC) hitting its highest position since May 2022.
BLUR hit a low in October, but has since recovered. Renewed activity in the non-fungible token (NFT) arena and reports of major cryptocurrency players, or “whales,” buying the coin helped fuel interest.
BLUR price action in the last week. Source: CoinMarketCap
The BLUR token value has increased significantly since Binance decided to offer it, which has sparked speculation in the cryptocurrency markets.
This increased trend aligns with BLUR’s recent partnership with layer 2 solution Blast, which helped with Season 3’s airdrop allocations and boosted the token’s price.
Blur has made great strides in its position within the cryptocurrency industry with these calculated actions, positioning it as one of the top NFT lending protocols in the NFT markets.
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Featured image from Freepik
