The crypto market has been in a big struggle for the past week. In this process, we witnessed that Bitcoin declined below 20 thousand dollars. Although the BTC price has risen above this critical level again, the decreases continue on a weekly basis. On the other hand, an altcoin that gained value by challenging the market attracted attention: Kwenta (KWENTA).
An overlooked DEX altcoin rallied 20% on Friday, challenging the overall crypto market downtrend. The native token of DEX, KWENTA, has managed to climb up to $661 from the $418 level it has tested in the last 24 hours. This represents an increase of over 57%.
The altcoin first went live last November, hitting an all-time high of $685.52 just four days ago. Kwenta works with Synthetix, a popular DEX that offers traders crypto, stock and forex futures. The token used for staking and management has gained approximately 373% since the beginning of the year.
Koinfinans.com As we have reported, in line with Kwenta’s price increases, the platform’s trading volume has also increased this month. The DEX recorded more than $102 million in trading volume on Thursday alone, compared to the $1-5 million daily volume range it had been hovering for most of January.
In addition, there have been dramatic increases in the number of transactions and traders on the platform this month. Additionally, Kwanta announced Thursday on Lyra Finance (LYRA), a decentralized options exchange. listed.
You can follow the current price action here.