Aster (ASTER) has entered its price discovery phase, showcasing an impressive performance following an endorsement by Binance co-founder Changpeng Zhao (CZ). The cryptocurrency has been drawing liquidity from underperforming altcoins, standing out in the market.
Despite mild retracements in the wider crypto market aligning with Bitcoin (BTC) and Ethereum (ETH), ASTER has seen double-digit percentage gains today. Market data from TradingView indicates a surge of over 26% in ASTER price over the last 24 hours, reaching an all-time high above 82 cents.
Top Reasons Why Aster Price Rallied Today
Aster Ecosystem Growth
The Aster DEX has witnessed increased trader activity, supported by a stream of positive news in recent days. On-chain data analysis by Arkham Intelligence reveals Aster as the second largest holder of BSC-USDT, with approximately $132 million.
With 2 million users and a trading volume of $519 billion, the Aster DEX has shown significant growth. The platform currently boasts a total value locked of over $437 million and a net open interest of around $255 million.
Listing support from exchanges like Binance and Hyperliquid has propelled ASTER token trading, with Open Interest (OI) surpassing $95 million according to data from CoinGlass.
Unwavering Support from CZ
CZ’s consistent backing has been a driving force behind the recent rally in Aster price. As a prominent figure in the crypto space, CZ’s endorsement has attracted speculative traders looking to capitalize on the potential upside of ASTER.
Investors have also been encouraged by the strong fundamentals and growth of Hyperliquid (HYPE) over the past year, further fueling optimism for Aster’s future performance.