The cryptocurrency market continues to operate on the edge of relative silence, as evidenced by a drop of over 0.30 percent in total market cap, which remains pegged at $1.09 trillion. Amid this silence, the price of the decentralized finance (DeFi) protocol #Bancor (BNT) rose over 50 percent to $0.6906.
Strong Rise in Bancor's BNT
DeFi protocol Bancor's native asset #BNT has moved into a parabolic trend with a convincing rise to correspond with the increase in trading volume. Within this trend, the price of the altcoin increased by over 50 percent, rising from $0.4603 to $0.6906, which was the lowest level of the last 24 hours.
According to CoinMarketCap data, Bancor's transaction volume increased by over 2,500 percent in parallel with this increase. The strong increase in trading volume suggests that the price is neither superficially rising nor inflated in any way.
As can be seen from Bancor's growth trend, the current parabolic run is a result of a very long period of bullishness. Prior to this impressive price move, the altcoin's price remained stable for most of the past month, moving between a bottom of $0.3786 and a top of $0.4462, forming a defined consolidation move.
While Bancor is currently leading the altcoin market with a dominant bullish rate, investors are debating whether this strong price movement is sustainable going forward.
Trigger of the Rise in BNT Price
The Bancor protocol has been at the forefront of leading BNT's rally, doing what many DeFi projects have rarely done in the past. Whether the recent rise is sustainable will depend on the conduction of the underlying trigger.
It was announced from the official social media account of the protocol that a phishing attempt was made that could cause chaos in the ecosystem of Bancor's dominant protocol Carbon DeFi, and it was stated that the attempt was detected and blocked. This has increased the community's trust in the ecosystem, as it corresponds to a proactive approach, unlike the protocols that have been hacked recently, as well as the core development offering offered by the protocol.
While there are many innovative DeFi protocols on the market, mitigating the risks involved remains a positive unfair advantage that could help Bancor continue its rise in the short term.
