- DYDX emerged as one of the leading gainers on Monday, witnessing a price surge of 34% to a high of $1.27.
- This bullish trend translated into an extraordinary 2,506% increase in its trading volume today, indicating robust interest from investors in the digital asset.
Currently, DYDX stands out as a top performer in the cryptocurrency market. The token began the week on a high note, with a price leap of 34% on the charts.
DYDX Price Performance
In the 24 hours leading up to Monday morning, DYDX experienced a notable 34% price increase, climbing from a low of $0.9914 to a peak of $1.33. By around 6:00 AM UTC, the native token of the dYdX Chain managed to retain 28% of its gains, trading at $1.27.
During this period, the trading volume for DYDX skyrocketed by an astounding 2,506%, with $375.7 million worth of the asset exchanged across DeFi wallets. This surge boosted the market capitalization of its 773.05 million token supply to a high of $845 million throughout the day, stabilizing at $815.40 million against current USD exchange rates. These figures also contributed to improved liquidity for the digital asset, as the volume-to-market cap ratio increased to 42.70%.
Notably, DYDX staged a remarkable comeback of 34% both weekly and monthly. Nonetheless, it still reflects a 45% decline over the past year and remains 72% below its all-time high of $4.53, which was recorded just seven months ago.
What is DYDX?
Holders of the crypto asset can utilize it for staking purposes and to help secure and govern the dYdX Chain. The chain operates without gas fees, redistributing rewards to validators and stakers based on fees accrued from USDC- and DYDX-based transactions.
The DYDX layer 1 (L1) token was established as the native cryptocurrency of the dYdX Chain last year, following a significant 99.99% community vote that facilitated its transition to the current version.
Reason Behind the Rally
The ongoing anticipation of Bitcoin (BTC) breaking the $70K mark is undoubtedly fueling overly bullish sentiment across the crypto landscape. While DYDX has benefited to some extent from this trend, its remarkable price movements are primarily attributed to traders and investors recognizing a local bottom of $0.8067 for the token one month ago.
The token’s momentum coincided with the one-year milestone of its integration into the dYdX Chain, a platform recognized for its focus on perpetual trading and supporting over 143 cryptocurrencies.
As of the time of this writing, the advanced trading protocol reported over $234 million in open interest from 150,685 trades.
