The cryptocurrency business added $100 billion to the worldwide market capitalization this week, with notable contributions from high performers Moonriver (MOVR), Solana (SOL) and Optimism (OP).
Moonriver spikes 170% in a day
Moonriver traded on the mercy of the bears on the early phases of the week, however decoupled and made its fortunes because the week progressed.
The token began the week at a worth of $6.6141, and continued to consolidate between $6.1253 and $6.8328.
Its breakthrough emerged on Dec. 21 amid surging social mentions and elevated investor demand. Moonriver rallied 68% from $6.7233 on Dec. 21 to $11.35 the subsequent day. However the token confronted resistance at this value level, witnessing an 11.06% drop inside three hours.
MOVR continued to break down. Bears got down to set off a full retracement of the Dec. 21 upsurge. This drop was probably triggered by promoting strain, as traders sought to dump their holdings on the 14-month-high above $11. Earlier than this week, the final time MOVR noticed $eleven-plus was in October 2022.
A correction didn’t erase all of the just lately accrued good points. Moonriver held sturdy above the $9 psychological threshold.
The asset finally spiked 146% on Dec. 23, breaking above a number of resistance factors, and shutting the day at $23.978.
Some market watchers attributed the uptrend to an identical rally engineered by Kusama (KSM), the native token of the Kusama blockchain on which Moonriver resides. The uptrend spilled into as we speak, with MOVR rallying to a 19-month excessive of $44 as we speak earlier than witnessing resistance. Moonriver is up 170% as we speak and 378% this week.
Solana breaches $100, flips XRP and BNB
Solana has been on a rampage for the previous few months.
Whereas some critics have projected a looming correction of the current good points, SOL prolonged the continued run to this week. The token started the week with a 5% intraday achieve on Dec. 18, closing the day above the $70 mark.
The bears took cost the subsequent day, however Solana defended the assist at $71.78, recording its solely intraday lack of 1.91%. SOL has continued to surge since then, presently up 54% from the $71.78 low.
Amid the uptrend, Solana finally breached the pivotal $100 psychological threshold for the primary time since April 2022. The crypto asset soared to a excessive of $118 as we speak, however a roadblock mounted by the bears resulted in a pointy drop.
SOL presently trades for $110.07, up 14% as we speak and 55% this week. Solana eclipsed XRP’s market capitalization earlier this week when it soared above $80, changing into the fifth-largest token. The asset additional flipped BNB, securing the fourth spot, with a market cap above $47 billion.
Optimism hits new ATH
Whereas different belongings regarded to get better their pre-Terra highs, Optimism aimed for the celebrities this week. Like Moonriver, the crypto token began the week with a gradual efficiency, consolidating between $1.957 and $2.278 from Dec. 18 to twenty.
OP’s good fortunes started on Dec. 21, a day after the broader market engineered a resurgence. Optimism’s value erupted on Dec. 21, resulting in a 12.19% intraday enhance. The asset efficiently broke above the $2.5 resistance stage on that day, setting the stage for a extra substantial upsurge.
This upsurge materialized on Dec. 22, with Optimism recording a 37% achieve. This represented considered one of its largest intraday good points this 12 months. The rally paused the subsequent day, with OP assembly resistance at $3.535 and registering a light 0.43 loss.
Nevertheless, Optimism witnessed elevated shopping for strain, rallying to a brand new all-time excessive of $3.842 as we speak earlier than collapsing. Regardless of the collapse, OP has held above the $3.5 value assist. The token is up 65% as we speak.