1Inch Rises By More Than 50 Percent After Its Rank Volume Increases Drastically

The price of crypto 1inch has increased by more than 50 percent. (Photo; Doc. Binance)

JAKARTA - The price of the 1INCH cryptocurrency, which is the original coin of Network 1INCH, experienced an impressive spike, an increase of more than 58 percent before finally experiencing a decline on Monday, July 17. This spike was driven by a trade volume of 597 million US dollars (Rp 8.9 trillion), the highest amount since October 2021.

Over the past 24 hours, the short 1INCH bet with leverage is worth 3.37 million US dollars (IDR 50 billion), along with the increase in trading volume. Currently, the price of 1INCH tokens reached 0.439 US dollars (IDR 6,500), an increase of more than 6 percent in one day.

While Bitcoin remains in the limited price range between 30,150 US dollars (Rp451 million) and 30,500 US dollars (Rp457 million) over the weekend, other crypto markets are relatively calm with little activity.

The price of 1INCH has seen a progressive increase over the past week, with an increase of 42.3 percent. The main downward trend line for this altcoin has been exceeded by the strong buying action of market participants.

The large rally in the price of 1INCH was also accompanied by a significant increase in trading volume, increasing by around 400 percent overnight. The Indicators of the Correlations Coefficient show that Bitcoin has a slight advantage over 1INCH with a decrease of 0.04 on CC indicators. Although the price trend of Bitcoin is still sideways, buyers are expected to continue to increase the value of this altcoin.

The decline in Bitcoin Cash (BCH) and Aptos (APT) prices has previously seen a similar phenomenon with an increase in trading volume in South Korea. CoinGecko data shows that 1INCH is the second most traded coin on Upbit with a volume of 24 hours reaching $360 million, more than 15 times the average trading volume for 30 days.

Statistics from Coinclass also suggest that the price increase of 1INCH has led to brief liquidation in the eternal swap market worth US$2.49 million (Rp37 billion).

Although the 1INCH price spike was not driven by the latest news, it appears to follow the upward trend that XRP started after winning a legal battle with the SEC last week. The big increase in XRP prices by 102 percent had an impact on other assets such as Solana, Cardano, and Polygon which also increased.

In addition, open interest in all trading pairs 1INCH has also increased from 14 million US dollars (Rp209 billion) to 125 million US dollars (Rp1.8 trillion), indicating that this rally is supported by a futures market. Crypto market players and observers must remain vigilant and monitor further developments in the market, as conditions can change rapidly in this dynamic industry.