The cryptocurrency market saw a remarkable $100 billion surge in global market capitalization this week, largely attributed to the stellar performances of Moonriver (MOVR), Solana (SOL), and Optimism (OP).
Moonriver’s Remarkable Surge
Moonriver experienced a rollercoaster week, initially struggling in bearish territory. However, the token broke free from this pattern as the week progressed.
Starting at $6.6141, MOVR traded within a narrow range until December 21. Suddenly, social mentions and rising investor interest propelled a surge of 68%, reaching $11.35. This climb faced resistance, leading to an 11.06% drop shortly after.
Despite subsequent corrections, MOVR maintained its position above $9, culminating in a massive 146% spike on December 23, closing at $23.978. The surge was attributed in part to Kusama’s rally, whose blockchain Moonriver is based on. Today, MOVR hit a 19-month high at $44, marking a staggering 170% rise today and 378% this week.
Solana’s Momentum and Market
Flips Solana continued its impressive run, initially rising 5% on December 18, securing a close above $70. Despite a brief dip, SOL defended the $71.78 support and has since surged by 54%.
Breaking the $100 psychological barrier for the first time since April 2022, SOL peaked at $118 before facing resistance. It currently trades at $110.07, marking a 14% rise today and a substantial 55% rise this week. Notably, Solana surpassed XRP in market capitalization and then flipped BNB, securing the fourth spot.
Optimism’s Record-Breaking Rally
Optimism had a slower start to the week, consolidating within a range of $1.957 to $2.278. However, it gained traction on December 21, marking a 12.19% surge. This momentum continued, culminating in a 37% surge on December 22, reaching $3.535, though it later experienced a slight drop.
Despite this drop, OP rallied to a new all-time high of $3.842 before facing a decline, yet managing to stay above the $3.5 price support. Today, OP is up 65%.
These cryptocurrencies showcased remarkable volatility and significant gains, making them the focus of attention in the crypto market this week.
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