Bancor defies the odds on a bearish weekend, climbs 40%

• BNT broke past $0.67 for the first time in two months.
• The network grew bigger, with as many as 157 new addresses getting created.

The native token of decentralized exchange Bancor [BNT] skyrocketed in the last 24 hours, springing back to life an asset that was in hibernation for the last two months.

Read Bancor’s [BNT] Price Prediction 2023-24

According to CoinMarketCap, BNT jumped 40% as the weekend came to a close, breaking past $0.67 for the first time in two months. However, the asset retreated to $0.59 at the time of writing, as profit-hungry traders locked in gains.

BNT’s network activity explodes

According to on-chain analytics firm Santiment, the precipitous rise came amidst an explosion of on-chain activity.

The count of daily active wallets soared to 797 over the last 24 hours, the highest since December 2021. Additionally, the network grew bigger with as many as 157 new addresses getting created, the fastest single-day expansion in the last two months.

Source: Santiment

Meanwhile, whale investors, who were dormant in recent months, also got into the act. BNT transactions worth more than $100,000 spiked from 0 to 10 on 8 October.

This could be the catalyst

As per data by Lookonchain, crypto exchange Upbit might have had a role to play in the price surge.

An address, purportedly linked to the largest crypto trading platform in South Korea, snapped up 4.71 million BNT tokens eleven hours before the asset’s price started to soar. The purchased amount represented 3.3% of BNT’s total circulating supply.

Typically, accumulation activity by exchanges could imply a multitude of things, such as liquidity management, or new trading pairs. According to CoinMarketCap, BNT was already listed on Upbit with the traders having the option to swap it against Bitcoin [BTC].

Is your portfolio green? Check out the BNT Profit Calculator

Social buzz back for BNT

BNT’s explosive surge in a quiet weekend made it the standout performer in the market. Crypto-focused social circles were abuzz with discussion around the coin, as evidenced by the sharp increase in the social volume.

Most of the commentary around the asset was positive, as the weighted sentiment indicator went higher in the positive territory. Such a propulsion was last seen two months ago during a similar price surge.

Source: Santiment