According to CoinDesk: Bricks (BRICK), the native token of Reddit's Fortnite community, experienced a 110% bounce in the last 24-hours, following a drastic two month slump where it lost over 80% of its value.
Despite the absence of a distinct catalyst to support the sudden surge in the token's price, BRICK's rebound was in contrast to the overall cryptocurrency trend, particularly with Bitcoin (BTC) sliding back below the $27,000 mark.
Most of the BRICK's trading volume occurred on Kraken, reporting close to $750,000 across all exchanges in a single day — an 800% jump from the previous 24-hour period as per CoinMarketCap data.
BRICK, an ERC-20 token distributed to active Fortnite subreddit members, had witnessed a significant rise in August amid the growing hype around other Reddit community tokens, such as r/cryptocurrency's MOON.
However, liquidity remains limited across all exchanges, with Kraken's 2% market depth corresponding to around $2,500 on both the bid and ask sides. Market depth is a measure indicating the capital required to influence an asset's price.
This liquidity paucity in an asset with a significant upside represents a risk for traders, as the token's price could sharply descend with little effort, potentially catching those who purchased at the recent peak off guard.
