Why This Ethereum-Based DeFi Coin Is Up 30% on the Day

Nick Chong

Last Updated: August 30, 2020 1:10 am

1 min read

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Both Bitcoin and Ethereum have stalled, but it seems that altcoins are once again popping off. A swath of digital assets in the top 100 have gained dozens of percent in the past 24 hours, with some managing to even double.

One such digital asset outperforming the market leaders is BZRX, the native token of the bZx Protocol. That cryptocurrency is up 30% in the past 24 hours, surmounting the value of $1.00 for the first time ever. BZRX, based on Ethereum, trades at $1.11 as of this article’s writing.

Chart of BXZ Protocol's token over the past few days from TradingView.com

Why Is the Ethereum-Based BZRX Up 30% in the Past 24 Hours?

The coin is up a lot in the past 24 hours due to a listing on Binance. Binance has rapidly ramped up its listing process over recent weeks due to it being a bull market. By NewsBTC’s estimates, approximately two-dozen coins have been listed in the past month alone.

Coins listed by notable exchanges like Binance and Coinbase often lead to rallies in their price due to these exchanges often being these coin’s first source of real liquidity.

BZRX has been no exception.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Why This Ethereum-Based DeFi Coin Is Up 30% on the day

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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