- Bancor crypto price surged to the highest level in months.
- It has jumped by more than 80% from the lowest level in October.
- Bancor’s futures open interest jumped to a record high.
Bancor (BNT) price was one of the best-performing coins during the weekend. The BNT token surged to a high of $0.70 on Sunday, the highest level since August 9th of this year. At its peak, the token was at 80% above the lowest level this month, giving it a market cap of more than $82 million.
BNT pump continues
Bancor Network is a player in the decentralized finance (DeFi) industry that makes it possible for people to trade cryptocurrencies. The network is made up of four key parts. Its Carbon DeFi, a decentralized protocol for automated on-chain trading strategies.
Arb Fast Lane is a permisionless protocol to perform arbitrage between Bancor and external exchanges. The other key parts are Bancor 3 (single-sided liquidity provider) and BancorDAO.
It is unclear why the Bancor token pumped during the weekend since there was no major news in the ecosystem. A likely reason is that this surge was simply a pump because BNT is a relatively thinly traded token.
The other likely reason is the growth of Arb Fast Lane protocol. In a recent statement, the developers noted that the volume in that protocol had surged to the highest level on record, signaling that it was still growing fast.
Read more: How to buy Bancor.
Meanwhile, futures open interest surged by more than 1,200% in the past 24 hours. It has jumped to more than $101.8 million, the highest level on record. Most of this open interest is in Binance, which has over $47.37 million. It was followed by Bybit, Bitget, and OKX, which had over $22 million, $10 million, and $9.2 million.
Open interest is an important figure in the crypto market because it shows the volume of unexecuted trades in the futures market.
Bancor price forecast
The daily chart shows that the BNT crypto price was in a consolidation phase in the past few days. It then made a huge bullish breakout during the weekend, which pushed it to the highest level since August 10th.
Bancor price has jumped above the 50-day and 100-day exponential moving averages (EMA) as the volume spiked. Therefore, I suspect that the token price will retreat this week as the pump fades. If this happens, the Bancor token will likely retest the important support level at $0.50.
