The cryptocurrency world has returned to the 'bull market' period with Bitcoin's impressive rally that saw it reach over $90,000. This extraordinary performance of Bitcoin created a strong upward wave, dragging the entire crypto market behind it. This positive atmosphere also caused developments such as altcoins and stock market listings to rapidly increase prices. An example of this situation is the doubling of the price of a small-scale altcoin in a short time after receiving investment from DWF Labs, one of the leading market makers.
Altcoin Price Invested by DWF Labs Increased by 2 Times!$BTC
Bitcoin’s continued strength despite its depreciation has a positive impact on the overall market. This is a situation where positive news can quickly push altcoin prices higher. One development that took place today was the strong volatility of the NikolAI (NIKO) token belonging to the TON ecosystem. According to data from on-chain analytics platform LookOnChain, market maker DWF Labs purchased 10 million NIKO tokens, equivalent to 1% of the total supply, in order to provide liquidity. Previously, DWF Labs purchased 11.194 billion X tokens (worth around $35.6 million).
LookOnChain announced the move for DWF Labs’ market making as follows:
“DWF Labs purchased 10 million NIKO tokens ($495K, 1% of total supply) for market making. Previously, this wallet purchased 111.94 billion X tokens ($35.6M) for market making.”
This development caused the NIKO token to briefly surge by 300% to 500% on various decentralized exchanges (CEX). The price then partially declined, but the token is still trading with high momentum. According to CoinMarketCap data, the NIKO token jumped from $0.051 to $0.1152 during the day. Although the price has pulled back a bit, at the time of writing, the NIKO token is trading at $0.1061, an 89% increase on the day. However, the trading volume has interestingly decreased by 30%.
Binance's New Listings Excite Investors
Additionally, the Binance crypto exchange announced that it will list the HIPPO USD-Margined Perpetual Contract at 15:30 GMT. With this listing, users will be able to trade the HIPPO token with 75x leverage. Binance has also added a futures contract for the X Empire (X) token, and users of the platform will be able to use 75x leverage on this contract as well.
These listings could increase trading volumes and attract more investors to altcoins, thanks to Binance’s massive user base. Market watchers are expecting an overall rise in prices as more investment flows into the altcoin ecosystem.
, while the cryptocurrency world is rapidly rising under the leadership of Bitcoin, altcoins are also getting their share of this bull market. Especially the moves of major investors such as DWF Labs and listing announcements of exchanges are increasing the interest of investors and creating new opportunities in the market. Investors can benefit from rising trends in the crypto world by following such developments.