1Inch Network Token Increase 55% Within One Week; Is Altcoin Season Returning?

The 1Inch token was the leading gainer on the cryptocurrency market this morning, after seeing significant gains of 19% overnight and 55% in one week.

With transaction volume reaching $597 million, the highest level since October 2021, the price of (1INCH), the native token of the 1INCH Network, rose by more than 58% before plummeting on Monday. Over the past day, traders have closed $3.37 million worth of leveraged 1inch short bets, and trading volume has increased, as reported by CoinGlass.

As the Market Corrects, 1Inch Price Spikes

The token’s price has increased by about 6% in the past 24 hours, to $0.439. Over the weekend, Bitcoin’s price was stable between $30,150 and $30,500, but the rest of the market was rather calm.

Over the past week, the price of 1INCH cryptocurrency has steadily risen, culminating in a jaw-dropping surge of 42.3%. On the chart, the primary falling trendline for the altcoin is highlighted; the bulls are currently attempting to break above this line.

A Bull Market in Every Alternative Coin

Buyer demand for 1INCH tokens has caused an overnight surge in trading volume of almost 400%. As measured by the CC indicator, the gap between BTC and 1INCH has shrunk by 0.04 percentage points. Buyers are expected to boost the altcoin’s value despite BTC’s flat trend.

Both Bitcoin Cash (BCH) and Aptos (APT) have seen considerable price gains over the past two weeks, and the latest rally has coincided with a corresponding increase in trading volume in South Korea.

With a 24-hour volume of $360 million, 1inch was the second most traded coin on Upbit, according to data compiled by CoinGecko, which is more than 15 times the coin’s 30-day average trading volume.

According to data compiled by Coinglass, $2.49 million was liquidated in the perpetual swap markets as a result of the price increase since yesterday.

What’s Bringing Out all the DeFi Bulls?

While there has been no news to fuel the rise, 1inch’s advance does appear to be carrying on the upward trend that XRP began when it won its legal battle with the SEC last week. Solana, Cardano, and Polygon all moved the day after XRP’s 102% gain.

Coinalyze reports a surge in open interest across 1inch trading pairs from $14 million to $125 million, suggesting that futures markets have been supporting the rally. Open interest is the total dollar value of all outstanding derivatives contracts.