AVA Doubles After Bithumb Listing as KRW Trading Volume Tops Binance
Summary
- AVA surged about 112% after its listing on Bithumb’s Korean won market and still held gains of more than 70% over 24 hours.
- Its 24-hour trading volume reached about $136.47 million, more than six times its market capitalization, while Bithumb’s AVA/KRW trading volume exceeded Binance’s AVA/USDT trading volume.
- A 454% jump in futures open interest, short liquidations, and the foundation’s regular buyback suggest short-term price volatility may persist.
Forecast Trend Report by Period
Travala’s native token AVA more than doubled after its listing on Bithumb’s Korean won market. Buying that began in the spot market spilled into futures, triggering a wave of short liquidations.
CoinGecko data on September 18 showed AVA surged about 112% over the past 24 hours, climbing from $0.155 to $0.329. It later gave back part of the gain and traded around $0.26 to $0.27, but still held an advance of more than 70% over the same period.
Trading activity also swelled to unusual levels. AVA’s 24-hour trading volume reached about $136.47 million, more than six times its $20.03 million market capitalization. The rapid concentration of liquidity appears to have magnified price swings.
Buying was most pronounced on Bithumb’s Korean won market. Bithumb began supporting AVA trading at 2 p.m. on September 17 with a reference price of 214 won. Soon after the listing, AVA/KRW trading volume exceeded Binance’s AVA/USDT volume, helping lift the global price from the $0.15 range to above $0.30. The move appears to reflect an influx of fresh won liquidity into a token with a relatively small market capitalization.
Liquidations in futures positions also added to the rally. CoinGlass data showed open interest in AVA futures on Binance jumped 454% to $6.9 million. Over the same period, short liquidations totaled $784,000, far exceeding $433,000 in long liquidations. As bearish positions were forcibly closed, additional buy orders followed.
Token purchases by the foundation may also have affected supply. The AVA Foundation said on September 15 that it bought about 370,000 AVA through a regular buyback. That was more than 13% of the roughly 9.93 million AVA deposited in the foundation program.
Still, short-term volatility may persist as trading volume remains well above market capitalization and futures open interest has surged. Won-denominated buying that entered after the Bithumb listing, along with changes in derivatives positioning, is poised to shape AVA’s near-term price direction.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE