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Tezos (XTZ) prices increased by more than 7% in early Tuesday trading as the market remained in the red. A few cryptocurrencies, including Tezos, were up as the global crypto market capitalization fell 1% to $1.08 trillion.
At the time of writing, XTZ was up 7.36% in the last 24 hours to $0.703. This is significant as the majority of cryptocurrencies are still sustaining losses due to yesterday's sell-off.
Tezos fell to $0.636 in yesterday's trading, where it found immense support. Tezos rebounded sharply as a result, reaching highs of $0.742 in today's trading.
Although the precise reason for the pump is unknown, the sharp price move mimics that of a short squeeze—a rally spurred by the unwinding of short bets. However, derivative data makes one think less so.
In the last 24 hours, Tezos saw $553,050 worth of liquidations, with $261,100 of that representing short liquidation. Long positions saw even larger liquidations at $291,880.
Tomiwabold OlajideMore appealing is the immense surge in trading volume, which was up 937% in the last 24 hours to $106 million worth, or 148,742,414 XTZ. Tezos even saw a larger derivatives volume spike of 2,340.37%, with $244.11 million traded, per Coinglass data.
A rise in trading activity of this magnitude often shows traders placing bets in an attempt to profit from recent market volatility.
A look at the official X account reveals Tezos advancing its NFT journey with soccer club Manchester United. Manchester United signed a significant multi-year agreement with Tezos last year, allowing the crypto asset to be displayed on the club's collection of men's and women's training uniforms.
In a new tweet, Tezos made an announcement regarding complimentary digital memorabilia ahead of an impending Manchester United game. Club Memorabilia is powered by Tezos.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team