Aster price prediction as October perps volume hits $237 billion

Aster price has rebounded in the past few days, moving from a low of $1.5065 on September 30 to the current $1.90. It has jumped by over 60% from its lowest level in September, giving it a market capitalization of over $3.14 billion. Aster price jumps amid network growth Aster, a perpetual decentralized exchange backed by Changpeng Zhao, has come into the spotlight recently amid its ecosystem growth. This growth has pushed it to overtake Hyperliquid, a company that has long dominated the perpetual futures industry. One of its key numbers is that the total value locked in Aster’s network has gone parabolic this year. It recently jumped to a record high of $2.30 billion, up from a low of $370 million in September. Most importantly, the volume handled on Aster has been in a strong uptrend, and to some extent, looks unreal. The network handled a volume of under $10 billion in August. This number then jumped to $420 billion in September. It has now handled over $237 billion this month so far, and we are just three days in. The surge in volume has also led to a parabolic jump in network fees. Aster made over $136 million in fees in September, a big increase from the $2.37 million it handled in August. It has already made nearly $40 million in fees this month. If these numbers are accurate, then it means that Aster is the fastest-growing player in the crypto industry of all time. It also means that more Aster tokens will be burned as the team has committed to incinerating part of its fees. Meanwhile, more data shows that the Aster network’s futures open interest has jumped in the past few days. Data compiled by CoinGlass shows that the open interest soared to over $1.35 billion on Friday, up from $626 million on September 26. The rising futures open interest is a sign of its robust demand among traders. Traders in the futures market are also highly bullish on the Aster token as the weighted funding rate has remained in the green since its token-generation event. The other potential catalyst for the Aster price is the potential exchange listings. It is now listed on exchanges like Bybit, MEXC, KuCoin, and BingX. There are signs that it will soon be listed on Binance, the biggest exchange in the industry. Besides, CZ, its founder, is one of its advisors. It may also be listed by other popular exchanges like Coinbase and Upbit, which will boost its price substantially. Aster coin price technical analysis Aster token chart | Source: TradingView The four-hour chart shows that the Aster price bottomed at $1.5098 on October 1 and then bounced back as the Uptober rally started. It has now moved above the upper side of the descending channel. Aster token is also approaching the psychological level at $2. It has also moved above the 25-period exponential moving average. Therefore, the token will likely continue rising in the coming days as the Uptober rally continues. The post Aster price prediction as October perps volume hits $237 billion appeared first on Invezz