Decentral Block Post

Bitcoin (BTC) stayed strictly rangebound on Aug. 24 as buyers and sellers attempted to spark a breakout.

Spot price squeeze on the cards

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $21,500 at the Wall Street open.

The pair had seen little action in the 24 hours prior, entering a fifth day of sideways movement within an increasingly tight range.

Data from the order book of major exchange Binance uploaded to social media by on-chain monitoring resource Material Indicators hinted that the status quo was frustrating exchange users, including whales.

At the time of writing, bids were inching higher towards spot price, while seller interest was building at $21,600.

Bitcoin (BTC) stayed strictly rangebound on Aug. 24 as buyers and sellers attempted to spark a breakout.

Spot price squeeze on the cards

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $21,500 at the Wall Street open.

The pair had seen little action in the 24 hours prior, entering the fifth day of sideways movement within an increasingly tight range.

Data from the order book of major exchange Binance uploaded to social media by on-chain monitoring resource Material Indicators hinted that the status quo was frustrating exchange users, including whales.

At the time of writing, bids were inching higher towards spot price, while seller interest was building at $21,600.

The price of Chiliz (CHZ) has surged by approximately 35% week-to-date (WTD) to reach $0.26 per token on Aug. 24. In doing so, the token has outperformed Bitcoin (BTC) and Ether (ETH), which have been wobbling between gains and losses in the same period.

Here are the key catalysts that could be behind Chiliz's breakaway rally.

CHZ 2.0

On Aug. 22, Chiliz founder Alexandre Dreyfus announced their intentions to stop utilizing the Ethereum blockchain to launch their fungible and nonfungible tokens and replace it with its own native chain, CHZ 2.0.

"We don't have to rely forever only on ERC20 or ERC721 equivalent," said Dreyfus, adding:

"At @chiliz we think we can bring some innovation on top of fungible token formats. As we work with 100+ of the biggest brands in the world, it is easier to deploy and scale."

The price of Chiliz (CHZ) has surged by approximately 35% week-to-date (WTD) to reach $0.26 per token on Aug. 24. In doing so, the token has outperformed Bitcoin (BTC) and Ether (ETH), which have been wobbling between gains and losses in the same period.

Here are the key catalysts that could be behind Chiliz's breakaway rally.

CHZ 2.0

On Aug. 22, Chiliz founder Alexandre Dreyfus announced their intentions to stop utilizing the Ethereum blockchain to launch their fungible and nonfungible tokens and replace it with its own native chain, CHZ 2.0.

"We don't have to rely forever only on ERC20 or ERC721 equivalent," said Dreyfus, adding:

"At @chiliz we think we can bring some innovation on top of fungible token formats. As we work with 100+ of the biggest brands in the world, it is easier to deploy and scale."