- Bitcoin and cryptocurrency markets fell today, Bitcoin (BTC) Up to 8 percent, Ethereum (ETH) experienced decreases by up to 5 percent, bringing the entire crypto money market down with it. Despite this, one cryptocurrency has skyrocketed by as much as 140 percent.
A number of popular cryptocurrencies also experienced double-digit corrections as markets took a bloodbath. In the past 24 hours, more than $550 million of cryptocurrencies have been liquidated from the markets. Today, the overall crypto market value has dropped roughly 7 percent to $1.09 trillion. The number of liquidations is expected to increase further as Bitcoin continues to decline.
Token surges 160% despite market crash, livable again
Santos FC Fan Token (SANTOS)It made an impressive move to the upside, up 141 percent today, even after the Bitcoin and cryptocurrency markets crashed. Santosdefying gravity by going the opposite direction of crypto markets on Friday.
The crypto exhibited heavy bullish sentiment as its trading volume increased by nearly 400 percent in one day. Santos jumped from $10.03 to $21.06 in less than a day, doubling its holders’ investments in a short time.
The market cap of the cryptocurrency has also increased by 70% today, reaching $80 million. Traders who took early entry positions during the dips took the opportunity to enjoy the impressive profits Santos generated before correcting.
Why Is Santos Price Rising?
Santos FC, based in Vila Belmiro, is one of the biggest football clubs in Brazil and the team has its own cryptocurrency. One of the strongest teams in the league, the team that won eight Brazilian championship trophies, is also known as the top goal scorer in football history. In addition to these, Santos FC has a large fan base that is very attached to the team.
The real reason Santos is having a rally today is quite simply, the football tournament has just started. Fans are betting on Santos and investing their money in crypto to lift the trophy once again.
It is thought that the hype around Santos will continue until the tournament is completed and a big price increase like today could happen again. Investors are waiting for Santos FC’s scheduled game against Sao Paolo on Monday, August 22, and whether the price will bounce again.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.