Aster (ASTER) has entered its price discovery. After an impressive performance since its endorsement by Binance co-founder Changpeng Zhao (CZ), ASTER has been sucking liquidity from other non-performing altcoins.
As the wider crypto market followed Bitcoin (BTC) and Ethereum (ETH) in mild retracements, ASTER was among the few altcoins to record double-digit percentage gains today. According to market data from TradingView, ASTER price surged over 26% during the last 24 hours to reach an all-time high of above 82 cents.
Top Reasons Why Aster Price Rallied Today
Aster Ecosystem Growth
The Aster DEX has attracted more traders, amid a notable flow of positive news during the last few days. For instance, on-chain data analysis from Arkham Intelligence shows that Aster is the second largest holder of BSC-USDT, with about $132 million.
According to the official website, the Aster DEX has already reached 2 million users and a total trading volume of $519 billion. At the time of this writing, the Aster platform had a total value locked of more than 437 million and a net open interest of around $255 million.
The ASTER token has received immense support through listings on crypto exchanges led by Binance and Hyperliquid. As such, ASTER token trading has surged significantly, with its Open Interest (OI) surging above $95 million according to data from CoinGlass.
Unwavering Support from CZ
The Aster price has rallied in the past few days fueled by the unwavering support from CZ. As a top key opinion leader (KOL), CZ’s open support for ASTER has attracted FOMO speculative traders.
Furthermore, Aster buyers have been betting on further upside due to robust fundamentals and the notable growth of Hyperliquid (HYPE) in the past year.