The crypto market has evolved from ground level to heights within a decade which seems impressive. Significantly, there would be no one in this digital world without knowing about cryptocurrencies. As a matter of fact, cryptocurrencies are the current trend in the market with trillions of users.
However, crypto has piqued the interest of investors to invest in crypto-assets. The blockchain technology used in the network and its advancements have reached investors and created a significant impact. Although in recent times, the market went down along with the mainstream cryptocurrencies, some altcoins cracked that level outperforming leading crypto-assets. Similarly, dYdX is one such coin that has surged to nearly 110% within a week.
dYdX is a leading decentralized exchange that supports perpetual, margin trading, spot trading, lending, and borrowing. dYdX is based on smart contracts on the Ethereum blockchain and allows users to trade without the use of a middleman.
Current Market Status
At the time of writing, the trading price of DYDX is $25.82 with a trading volume of $1,334,235,112 in the past 24-hours. According to Coingecko, the price value of DYDX has surged nearly 110% within the last week. Moreover, the current circulating supply of DYDX coins is 55,679,060 and it holds 83rd rank.
The chart depicts the bullish trend for the past week. The price of DYDX has bounced from $11.86 to $26 within a week. Additionally, DYDX has soared 28% in the last 24-hours and it is 7.4% lower than its ATH. DYDX hit its new all-time high at $26.03 a few hours ago and if the trend continues to uptrend then it may reach a new ATH. The top exchanges where DYDX can be traded are Binance, Huobi Global, Mandala Exchange, OKEx, and FTX.
Is China Behind The Sudden Surge?
The talk behind the dYdX’s governance token (DYDX) price surge is that Chinese traders might have migrated to decentralized exchange (DEX). A Chinese blockchain Journalist, Colin Wu has mentioned that the trading volume on DYDX has been caused by DeFi farmers after taking advantage of the protocol’s recent airdrop.
Furthermore, users expect more price hikes considering the updates and developments in the network. If the trend continues the bullish pattern then it has the possibility to reach a new all-time high. Moreover, users and developers believe that DYDX has the potential to reach heights and might hit highs in the near future.
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