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- The dollar-valued in Bitcoin open and perpetual futures have topped $21 billion for the first time since November 2021.
- A surge in DeFi activity has fuelled a Chainlink price pump to surpass a 1 year high at $20.85.
- NuggetRush is on the verge of a crypto ICO major milestone, as the launch of its GameFi project approaches.
Bullish sentiment has returned to the cryptocurrency market as prices increase across the board. As the price of Bitcoin (BTC) increased over the past week, the dollar value locked in open or active BTC futures contracts has risen to a 26-month high above $21 billion.
One of the top altcoins that has benefited from the bullish sentiment is Chainlink (LINK) as its price rallied past $20.85 for a new yearly high. The spotlight has also been on NuggetRush (NUGX) as it nears a major milestone in its cryptocurrency ICO. Read on to find out more.
Bitcoin (BTC) Futures Open Interest Jumps To $21 Billion
The price of Bitcoin (BTC) has been on the rise over the past few weeks. Increasing by more than 17% in the past week, BTC has moved past $50,000 for the first time since December 2021. As its price increased, so did the Bitcoin open and perpetual futures.
As reported by CoinShares, for the first time since November 2021, the liquidity locked-in open futures and perpetual futures contracts have surpassed $21 billion. Despite the rising OI, the overall leverage of Bitcoin has remained low.
This means that the price of Bitcoin is less prone to liquidations-induced price volatility. With this, Bitcoin could continue increasing in the coming weeks. Following its breach of $50,000, the Bitcoin price could attempt to rally to $60,000.
NuggetRush (NUGX) Approaches Major Milestone Before Launch
In the recent crypto market recovery, NuggetRush (NUGX) has been one of the best altcoins. The price of NUGX has increased by 80% to trade at $0.018 per coin. More importantly, the project is past the 180 million mark in its presale, with over 182 million tokens sold.
NuggetRush has emerged as one of the hottest prospects in the crypto space with its unique GameFi ecosystem. It features a hyperrealistic virtual world where players will embark on thrilling journeys, conquer challenges, and dive into the virtual gold mines.
One of the most talked about features of NuggetRush is its rewards system. Players will be rewarded in gold, NFTs, cash, and NUGX. The team has already stated that the smart contracts will be renounced after launch, making NuggetRush a community-owned game. After that, the project’s development will be directly decided by NUGX holders.
As one of the future leaders of the GameFi space, crypto experts are highly bullish about NUGX. They have predicted that after its launch, NUGX could see a massive price surge of up to 50x, making it one of the best coins to invest in right now.
Chainlink (LINK) Soars To Yearly High As DeFi Activity Rises
Over the past few months, Chainlink (LINK) has been one of the best DeFi projects. Chainlink DeFi network activity reached a 22-month high in tandem with an increase in both active and new addresses, according to data from IntoTheBlock.
As the network activity increased, the price of LINK rose in tandem, crossing $20.85 for the first time in more than 22 months. Chainlink still trades above $20.00, and will look to target the $22.00 and $25.00 resistance levels in the coming weeks.
Closing Thoughts
There is increasing interest in the cryptocurrency bull market, as seen by the spike in Bitcoin futures open interest and the increase in Chainlink’s price. NuggetRush looks to make the most of this growing bullish sentiment as it prepares for its launch in the coming weeks.
