Amidst a tumultuous start to the week for the cryptocurrency market, one asset has stood out. BENQI’s altcoin project QI, which operates on the Avalanche Blockchain, has defied the prevailing losing trend by exhibiting an extraordinary rise that defied the downward trend of the broader market. Here are the details…
The market is bearish: But this altcoin is up!
cryptokoin.com As we reported today, the majority of the market is a sea of red. Additionally, most cryptos are struggling with significant liquidations. Meanwhile, BENQI’s QI has experienced a remarkable rise. On December 11, the altcoin briefly surpassed $0.030 and is currently trading at $0.031 as of the latest data. This impressive performance represents a staggering 130 percent 24-hour rise and has captured the attention of investors and analysts alike, providing a glimmer of positivity amid the ongoing market correction.
BENQI’s QI emerges as a divergence, with Coinglass reporting a significant liquidation of $354 million in the last 12 hours, primarily from long positions. Total liquidations of over $400 million and liquidations of 117,770 investors in the last 24 hours underline the intensity of the market correction. Yet, in this challenging environment, BENQI’s QI defies traditional market expectations.
Why is BENQI rising?
Market leader Bitcoin fell to $41,926 at the time of writing, a daily decline of 4.4%. Meanwhile, a rapid decline of almost 5% in less than two hours is triggering concerns among traders. However, in this market turmoil, BENQI’s QI appears to be defying the trend, exhibiting an upward momentum that separates it from the broader market sentiment. In addition to this positive picture, DefiLlama data reveals encouraging numbers for the Avalanche ecosystem. The total locking volume (TVL) of Benqi, the Avalanche ecosystem’s lending protocol, has rebounded impressively, surpassing $520 million.
This increase marks an increase of more than 50% since December 7 and sets a new peak for TVL since 2023. This significant growth in TVL demonstrates increased confidence in the BENQI ecosystem and its resilience in the face of market fluctuations. As the broader cryptocurrency market navigates uncertain waters, BENQI’s QI provides a sense of optimism. Investors and traders are carefully observing this exceptional performance. Thus, they follow the unique value proposition of the token. Time will tell what will happen in the future.
