Increase in Account Value Explanation
Tokin' Tokens:
Balance's homegrown token, EPT, experienced a whopping 72% surge on South Korea's crypto exchange Bithumb, sending waves in the crypto realm! As per CoinGecko, EPT reached a daily peak of $0.012 on May 8, demonstrating a hefty price hike, Turns out this sudden spike was referred to by investors as a "pump." The mushrooming market capitalization of EPT soared above $27 million, while daily trading volume skyrocketed by 44% to almost $63 million.
So, Why the Price Leap?
Here's the scoop: Bithumb declared that EPT would join the platform in the KRW (Korean Won) pair as of May 8, 6 PM. With this, Bithumb became the next major exchange to embrace EPT, following its debut on Binance Alpha, Gate.io, KuCoin, Bitget, and MEXC on April 21. The initial total supply of tokens was fixed at a cool 10 billion.
Following the Bithumb announcement, EPT also observed an upsurge in its derivative markets. As per CoinGlass data, open positions increased by about 52% to approximately $20 million within the last 24 hours. As for the funding rate, it remained steady at 0.005%, hinting that investors were hanging onto their long positions.
A closer look at the technical indicators also revealed positive signs. EPT breached its descending channel on the 4-hour chart, suggesting a possible reversal in the trend. Now, the token is trading above its 20-day moving average. Plus, a bullish crossover on the MACD indicator hinted at the end of the short-term downtrend.
FYI: South Korean Prosecutors raided Bithumb!
If this bull run persists, EPT might poke its way through its next resistance level of $0.014. Breaking through could pave the way for the price to touch its all-time high of $0.017, marking a phenomenal 54% surge from the current price as of the news drop, which was around $0.011.
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- The surge in EPT's price could be linked to the announcement that EPT would join Bithumb's KRW pair, as this has been a catalyst for investing in technology-based cryptocurrencies on major finance platforms.
- The escalating interest in EPT, as demonstrated by the increase in open positions on derivative markets and the breach of its descending channel, suggests that technology is playing a significant role in driving the cryptocurrency finance industry.
