Bluzelle

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Bluzelle (BLZ) has struggled since March. However, the recent spike in the asset’s trading activity has sparked a bull run for BLZ. 
Data provided by Coinglass suggests that the derivatives trading volume of Bluzelle rose by 300% over the past 24 hours, surpassing $2.5 billion. 
In addition, BLZ is trending on Binance, Bybit, and Bitget crypto exchanges, with most traders aiming at long trades. 
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 <img decoding="async" fetchpriority="high" width="3840" height="1300" src="https://crypto.news/app/uploads/2023/08/Bluzelle-BLZ-13.44.38-14-Aug-2023.png" alt="BLZ price jumps amid high derivatives trading activity - 1" class="wp-image-14185301"> 
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 BLZ price, deposit activities, supply on exchanges, and volatility – Aug. 14 | Source: <a href="https://app.santiment.net/charts/Y0rf3alz__sCl" target="_blank" rel="noopener noreferrer nofollow">Santiment</a> 
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Moreover, the open interest (OI) in Bluzelle has also <a href="https://www.coinglass.com/currencies/BLZ" target="_blank" rel="noopener noreferrer nofollow">spiked</a> by 36.4%, reaching $87.46 million, per Coinglass.&nbsp; 
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BLZ is up by 34% in the past 24 hours and trading at $0.103 at the time of writing. Its 24-hour <a href="https://crypto.news/crypto-spot-trading-volume-drops-36-in-q2-coinmarketcap-reports/" rel="noopener noreferrer nofollow">trading volume</a> surged by 275%, exceeding the $200 million mark with a market capitalization of $42.35 million. 
BLZ’s weekly gains sum up to 99% as the asset ranks 401 in market capitalization. 
According to data from Santiment, the number of active BLZ deposits onto the exchanges grew by 975% in the past 24 hours. Consequently, this caused the Bluzelle supply on <a href="https://crypto.news/learn/what-is-a-cex-a-beginners-guide-to-centralized-crypto-exchanges/" rel="noopener noreferrer nofollow">exchanges</a> to hit a new all-time high (ATH) of 284.15 BLZ tokens. 
Moreover, Santiment data suggests that the number of exchange deposit transactions has increased by 150% since Aug. 12.&nbsp; 
The high trading activity of BLZ, especially in the derivatives zone, has caused a significant rise in the asset’s price volatility. It’s important to note that Bluzelle has already registered a drop from its local top of $0.115 on Aug. 13 — its price volatility has also fallen. 
 Read more: <a href="https://crypto.news/top-10-altcoins-to-watch-out-for-in-2023-and-beyond/" rel="noopener noreferrer nofollow"> Top 10 Altcoins to watch out for in 2023 and beyond </a>

BLZ price jumps amid high derivatives trading activity

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