ASTER USD is generating significant buzz in the cryptocurrency world today, having surpassed the $1 milestone. This surge is largely attributed to recent attention from CZ Binance, placing the emerging perpetual DEX squarely in the spotlight as one of the most-watched projects this month. It’s noteworthy that CZ Binance, not known for sharing crypto charts, made an exception for ASTER.
With ASTER USD experiencing a price increase exceeding 450% and a trading volume topping $739 million (according to CoinGecko), speculation is rife about CZ’s potential impact on reshaping the DeFi landscape, especially considering Binance’s dominance among crypto exchanges.
(source – CoinGecko)
While broad market trades are happening at around $115K and at $4,475, creating a generally robust environment, much of the excitement revolves around the altcoin sector, particularly ASTER USD. Following CZ’s apparent endorsement, the token value jumped by 370%, hitting highs above $1. Supported by Binance Labs, an entity owned by CZ, ASTER is positioned as a potential rival to Hyperliquid, which recently surpassed four digits.
(source – TradingView)
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ASTER’s ascent goes beyond simply reaching $1; it has continually broken prior record highs, driving its market capitalization to $1.55 billion. Data provided by DeFiLlama indicates ASTER’s Total Value Locked (TVL) has already surpassed $792 million, a remarkable achievement for such a relatively new protocol. With daily perpetual volume on DeFiLlama registering at $17 billion, ASTER has a legitimate chance of establishing a lasting presence within “the DEX narrative.”
(source – Defillama)
Currently, ASTER, fueled by CZ Binance’s backing, presents a strong challenge to Hyperliquid. While HYPE boasts a $15 billion market cap, its static 0% change in the last 24 hours contrasts sharply with ASTER’s impressive 800% surge over the past week. Data from CoinGlass, regarding open interest, reinforces this dynamic, showing increasing bullish sentiment surrounding ASTER trading pairs.
(source – Coinglass)
So, what’s the outlook?
Overthrowing HYPE appears increasingly possible if liquidity continues to flow into ASTER and TVL continues its upward trajectory, particularly with CZ Binance’s ongoing support. ASTER USD is positioning itself not as a fleeting trend but as a potential indication of the future direction of DeFi.
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Read original story Latest Crypto Market News Today, September 20: CZ Binance Hyperliquid Killer Broke 1 USD | ASTER Crypto to Flip HYPE? by Akiyama Felix at 99bitcoins.com