1inch price increases by over 50% in the past week due to altcoins’ recovery and increased trading volume.
1inch price increases by over 50% in the past week due to altcoins' recovery and increased trading volume.
The Rapid Growth of the 1INCH Market Amidst the Altcoin Rally
The blockchain industry has been witnessing a surge in trading activity, particularly in altcoins, as evidenced by the recent rally triggered by the XRP case. One notable player in this market is the 1inch (1INCH) protocol, a multi-chain decentralized exchange (DEX) price aggregator. In the past 24 hours, the daily traded volume of the 1inch market has skyrocketed by over 212 percent, reaching approximately $645 million. This surge in trading activity has also led to a 7 percent increase in the market valuation of the 1INCH token, now standing at around $434 million with a trading price of 46 cents.
Closer Look at 1INCH Market Outlook
The remarkable growth of the 1INCH market can be attributed to both positive fundamentals and speculative factors within the cryptocurrency industry. The 1INCH protocol serves as a bridge for crypto users to swap assets securely between different chains, ensuring the best prices. Additionally, it offers users a safe crypto wallet that enables them to execute swaps through the most optimal routes with enhanced liquidity.
According to the official website of the 1INCH protocol, it currently integrates 383 liquidity sources and has facilitated over $286 billion in traded volume across more than 4.5 million total wallets. By fetching price oracles from various decentralized exchanges, the protocol analyzes the data to provide customers with the best and most reliable routes for asset swaps with the lowest fees.
Increased Open Interest and Liquidations in the 1INCH Market
The recent surge in the 1INCH network is evident from the significant increase in open interest, which has risen by more than 138 percent in the past 24 hours, reaching approximately $143 million. As volatility and trading volume continue to rise, it is expected that liquidations in the 1INCH market will remain high in the coming days.
In the last 24 hours, liquidations in the 1INCH market amounted to over $4.2 million, according to market data provided by Coinglass. This heightened on-chain activity has also caught the attention of 1INCH whales, as some have been seen depositing their holdings on centralized exchanges such as Binance, possibly to secure profits after a significant rally.
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Note that a #1INCH investor deposited 7M #1INCH ($3.88M) into #Binance just now after the price of #1INCH rose. — Lookonchain (@lookonchain) July 17, 2023
Factors Contributing to the High Activities in the 1INCH Protocol
The activities within the 1INCH protocol are expected to remain at elevated levels, driven in part by the increasing Fear of Missing Out (FOMO) in the altcoin market. Furthermore, the recent summary judgment ruling in the SEC vs. Ripple case not only vindicated XRP but also provided a positive outlook for the entire altcoin industry. As a result, the SEC now faces the challenge of determining which crypto transactions qualify as investment contracts and should be classified as securities.
Furthermore, the 1INCH community will have the opportunity to engage directly with the team leaders who will be participating in the ETH Global Paris hackathon from July 21-23. This event will serve as a platform to discuss the latest developments and future prospects of the 1INCH protocol, further fostering community engagement and growth.
In conclusion, the 1INCH market has experienced tremendous growth amidst the altcoin rally, driven by positive fundamentals and speculation within the cryptocurrency industry. The 1INCH protocol’s ability to facilitate secure and cost-effective asset swaps across different chains, coupled with its extensive liquidity sources and reliable routing algorithms, has contributed to its rapid adoption. As the blockchain industry continues to evolve, the 1INCH market is expected to remain dynamic, attracting both traders and investors seeking opportunities in this thriving ecosystem.