The prior week's notable increase in options trading and derivatives activity made the market look positive. When the price of Bitcoin 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, like BLUR, saw significant price increases.
This increase raises concerns about these cryptocurrencies' ability to sustain their momentum over the coming week. BLUR is the native token of the same-named non-fungible token (NFT) platform.
In the world of cryptocurrencies, BLUR is becoming increasingly popular after Binance revealed its listing during a spike in price.
BLUR Gets Listed On Binance
One of the biggest cryptocurrency exchanges in the world, Binance, has released a statement indicating that it is prepared to list and begin trading the Blur (BLUR) cryptocurrency token.
Friday saw a 22% increase in BLUR following its listing on Binance's convert tool. Targeting Binance's retail clientele is the convert function. Customers can purchase and sell assets through it without using a conventional order book.
The Binance debacle has been the primary cause of increases and crashes for the last two days. The result has been disastrous, with the exchange having to pay the US government $4.3 billion to resolve the lawsuit including CEO Changpeng Zhao's departure and guilty plea to accusations of breaking anti-money laundering rules.
The recent conflict between the US government and Binance is clearly benefiting BLUR's price, as the altcoin surged by over 80% in only one week and is currently trading at $0.509, clearly capitalizing on the situation. In the process, BLUR also created the bullish cup-and-handle pattern, which suggests a potential rise.
The same individuals that created Blur have also developed Blast, a layer 2 network, and Blur has done very well since its 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. In May, the company will launch an airdrop.
Friday's action coincides with the cryptocurrency market as a whole continuing to rise, with bitcoin (BTC) reaching its highest position since May 2022.
In October, BLUR reached a record low, although it has since rebounded. Renewed activity in the non-fungible token (NFT) arena and reports of large cryptocurrency players, or "whales," buying the coin helped pique interest.
BLUR price action in the last week. Source: CoinMarketCap
The BLUR token's value has significantly increased since Binance decided to offer it, which has caused speculation in the cryptocurrency markets.
This increased trend is consistent with BLUR's recent collaboration with layer-2 solution Blast, which aided in season 3 airdrop allocations in addition to driving up the token's price.
Blur has made major strides in its standing within the cryptocurrency industry with these calculated actions, positioning it as one of the top NFT lending protocols in the NFT markets.
(This site's content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Freepik
Source: NewsBTC.com
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