Bancor (BNT) reaches 2-month peak as whale activity surges.
Bancor (BNT) reaches 2-month peak as whale activity surges.
The Rise of Bancor (BNT) in the Blockchain Industry
Posted on October 9, 2023
Bancor (BNT), a prominent cryptocurrency, experienced a remarkable surge in price over the weekend, reaching its highest level in two months at $0.69. Despite fresh geopolitical events dampening market sentiment, including concerns over inflation and interest rates, BNT managed to outpace Bitcoin and other altcoins, recording an impressive upside of 71% within a 24-hour timeframe.
Geopolitical Events and the Impact on Markets
As the markets opened on Monday, US stocks faced a downward trend, while popular cryptocurrencies such as Bitcoin and Ethereum, along with most altcoins, were trading lower. This decline in investor confidence can be attributed to analysts speculating on the potential impact of a full-scale war following Israel’s retaliation to a surprise attack by Hamas.
The volatility in the region caused a spike in oil prices on Saturday, but the uncertainty surrounding future developments led to a slowdown in risk assets. Despite these unfavorable conditions, Bancor managed to break through and surge in price.
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Drive Behind Bancor’s Price Surge
The surge in Bancor’s price can be attributed to two factors: network growth and whale activity. The sudden spike in BNT’s value can partially be attributed to a considerable amount of BNT acquired by a wallet linked to Upbit, Korea’s largest cryptocurrency exchange. Additionally, on-chain data reveals that the most active addresses have been highly engaged with Bancor over the past two days.
According to Santiment, a cryptocurrency analytics firm, Bancor’s price peaked with a 71% gain within 24 hours, reaching $0.67, its highest in two months. On Coinbase, a popular cryptocurrency exchange, the BNT/USD pair traded at highs of $0.69.
“📈 #Bancor’s price had a peak gain of +71% in 24 hours as the weekend closed. Coinciding with this, the 797 active $BNT addresses are the most in a single day in nearly 2 years. If #onchain metrics continue this rate, a further increase may be in store.” – Santiment
Future Prospects for BNT Price
As Santiment pointed out, the surge in BNT price correlates with a notable increase in active BNT addresses, marking the most active single-day surge in nearly two years. Santiment further suggests that if on-chain metrics continue at this rate, there may be further price increases in store for Bancor.
Bullish investors can set their sights on the supply zone at $0.77 and multi-month highs dating back to mid-June, possibly paving the way for BNT to reach $1.18. On the downside, it is crucial to monitor the key price level at $0.50. If Bancor falls below this threshold, a demand reload at $0.34 might be expected.
With the rise of Bancor, the blockchain industry continues to exhibit its ability to thrive even amidst geopolitical tensions and market uncertainties. The surge in price showcases the growing interest and confidence in cryptocurrencies, particularly with the utilization of blockchain technology.
Overall, as Bancor surges to new heights, it signifies the immense potential blockchain holds for transforming traditional financial systems and disrupting various industries by offering greater transparency, security, and efficiency. The future of blockchain technology appears promising, and Bancor’s success serves as a testament to the thriving blockchain industry.
