Bricks (BRICK) Cryptocurrency Surges 110% in a Day Amidst Market Volatility
Bricks, the token of Reddit’s Fortnite community, rebounded by 110% in a day despite its recent decline, with most trading happening on Kraken.
Cryptocurrency witnessed an unexpected comeback as Bricks (BRICK), associated with Reddit’s Fortnite group, experienced a 110% upswing within a single day. This was especially significant considering the cryptocurrency had suffered an over 80% dip in its value in the preceding 60 days.
A notable fact about this surge was the prominent trading activity on Kraken, where a vast proportion of the trades took place. Over the course of 24 hours, the cumulative trading figure for Bricks across various exchanges approached $750,000. When compared to the figures from the day before, this represents a massive 800% increase, based on data provided by CoinMarketCap.
While there is no distinct reason pinpointed for this sudden rise in the Bricks’ value, it’s worth mentioning that this comes at a time when other major cryptocurrencies, notably Bitcoin, have witnessed a decline. In recent events, Bitcoin’s value dropped below the $27,000 mark.
For context, Bricks is based on the ERC-20 token model and was initially given to the active participants of the Fortnite community on Reddit. The interest and value in Bricks skyrocketed back in August, around the same time when other Reddit-centric tokens, particularly Moons (MOON) from the r/cryptocurrency community, were gathering attention.
However, the market’s liquidity status concerning Bricks remains somewhat low. The market depth on Kraken, which is a gauge to measure the capital needed to sway an asset’s direction, stands at 2%, which translates to about $2,499 on the buying and selling ends.
This low liquidity combined with Bricks’ recent dramatic price increase could be a potential concern for traders. If the token’s price plummets quickly, those who invested at its peak might find themselves at a considerable loss.
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