ASTER Jumps Over 28% Despite Crypto Market Dump, Here’s Why

ASTER, the native crypto of the multi-chain perpetuals decentralized exchange (DEX) platform, Aster, has ranked among the top trending coins of this season. Despite the broader market downturn, ASTER is up approximately 10% over the past 24 hours and over 28% in the past 7 days.

Over the past week, the world’s leading crypto, bitcoin (BTC), has plunged by over 15%, slipping below the $90,000 mark for the first time since April. Similarly, Ethereum’s ETH is down by 14%, while SOL and XRP are down by 15% and 11%, respectively.

This independent move by ASTER has raised concerns about what is triggering the uptrend and how long the upward trajectory will last.

Why is ASTER Pumping?

A key contributor to ASTER’s upward trajectory is the Aster platform’s recently launched  trading competition, “Double Harvest ERA.” This program began on November 17 and would last till late December. The Aster team wants to give back to the community; hence, it has arranged this competition to share $10 million in rewards to profitable, serious-minded leverage traders on the Aster DEX.

Concurrently, it has set up a Stage 4 Airdrop. This program aims to distribute approximately 1.5% of ASTER’s token supply, or 120 million ASTER, to Aster users over the next six weeks.

In addition, Aster has also partnered with BSquared Network, a Bitcoin-native AI Infrastructure company. This collaboration also comes with a trading campaign that will reward users with $200,000.

The requirements for benefiting from these three reward programs involve holding and trading ASTER. As a result, many traders who wish to participate have acquired this token in large quantities, driving an uptrend in ASTER and amplifying platform activity.

Obviously, these reward programs have attracted more perpetuals traders to Aster, and these predictors purchase the ASTER token to settle trading fees, as it is the platform’s utility coin.

Aster Hits $10B in Daily Trading Volume 

Due to increased trading activity, Aster now ranks as the leading perpetuals DEX, with over $63 billion in seven-day trading volume and approximately $10 billion within the past 24 hours. 

In addition to the reward programs, ASTER recently gained traction among popular exchange platforms. On November 7, Coinbase added it to its listing roadmap, while many Binance-linked wallets also acquired ASTER amid the market downturn.

Meanwhile, Changpeng Zhao, founder of the world’s top crypto exchange, Binance, has occasionally publicized support for ASTER. He has also disclosed some of his recent ASTER shopping. Undoubtedly, this strong influence in the market has attracted many investors to the coin, contributing to the uptrend.

Will the Uptrend Continue?

While the cryptocurrency market is currently in a downtrend, several factors suggest a potential price rebound and a possible upswing in the days to come. If this happens, ASTER is expected to join in the bullish momentum, soaring to possibly reclaim its previous all-time high. 

Additionally, closely going through ASTER’s one-day chart builds confidence in a continuous uptrend. At the time of writing, the coin is trading significantly above the previous $1.18 resistance level. It has also surpassed the intense selling pressure around the $1.30 region; analysts expect a probable uptrend in the near future.

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