BP Surges 43% to New High Amid RWA Resurgence and Short Liquidation Frenzy

The cryptocurrency Backpack (BP) experienced a significant surge in value over the past 24 hours, increasing by more than 43% and reaching a new high of $1.3994. This upward trend was accompanied by a resurgence in the real-world asset (RWA) sector, with BP leading all other coins in daily gains.

According to data from CoinGecko, other RWA-themed coins such as Ondo Finance (ONDO) and Quant (QNT) also saw significant growth, with both surpassing 25% gains. The uptrend was further amplified by a spike in perpetual liquidations of shorts, which was 73 times bigger than that of longs.

In addition to the price increase, other key metrics for BP revealed notable developments. Total Assets deployed on the protocol reached a new high of $604.75 million, while average daily asset transfer count surpassed 1 million over the past week. The number of asset holders surged by 204%, exceeding the 242K mark.