Why 0x Protocol (ZRX) price increased 238% in two months.

The current bullish market sentiment is having a significant impact on the broader cryptocurrency market. Obscure assets such as ZRX, the management token for the 0x Decentralized Exchange Protocol, have seen an impressive 238% growth in the past two months.

According to BeInCrypto data, the token's price has increased by approximately 20% today and an impressive 88% in the past week, reaching $0.50 per year.

What is ZRX price driving?

Noted crypto analytical firm Santiment says ZRX's dramatic price rally is related to whale trading. According to the firm, whale transactions for crypto tokens are at an 18-month high, and older coins are returning to circulation.

Crypto trading platform HighBlock further corroborated this report, noting that ZRX is one of the three tickets that are building long positions the fastest from a retail perspective.

Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run

0x Protocol is a decentralized exchange infrastructure protocol that allows users to trade ERC20 tokens and other digital assets across various blockchain networks, including Ethereum.

It eliminates the need for centralized intermediaries and is led by the ZRX token. ZRX holders participate in management activities and also have access to the project's common treasury. CoinMarketCap claims that the protocol has facilitated more than $200 billion in trades since its inception.

In April, the organizers, 0x Labs, will transition to the community to allow the management of the project to flourish.

Institutional demand driving market

The crypto market is driven by institutional and well interest that are accumulating major digital assets.

Blockchain data aggregator IntoTheBlock put it as follows.

“Institutional and whale interest has increased significantly, with Bitcoin over $100,000, Ethereum up 170% and Polygon over 3,800% with trading volume up 80% compared to 30 days ago.

Interest in the crypto market has been increasing for the past several weeks. This is due to the frenzy surrounding the possible existence of a Bitcoin Exchange Traded Fund (ETF). As a result, the value of major digital assets including Bitcoin, Ethereum and Solana rose to new yearly highs.

Read more: How to prepare for a Bitcoin ETF: A step-by-step approach

Observers point out that the current upward trend indicates that the market is awaiting the approval of several ETF applications.