Crypto Market Exhibits Sideways Movement on Christmas Day
Despite a general sideways movement in the crypto market on Christmas Day, a few altcoins have shown remarkable resilience and recovery. Tokens like Optimism (OP), Near Protocol (NEAR), and Solana (SOL) have experienced significant growth amid market volatility.
Global Cryptocurrency Market Cap and Volume
The global cryptocurrency market cap currently stands at $1.66 trillion, with a slight decline of 0.96% over the last day. The total market volume over the past 24 hours has increased by 10.12% to reach $60.8 billion.
SEC’s Directive Fuels Optimism for Bitcoin Spot ETFs
The US Securities and Exchange Commission (SEC) has instructed applicants for a Bitcoin Spot ETF to finalize their applications by December 29, 2023. This move from the SEC indicates a potential approval of these long-awaited financial products, generating optimism in the market.
Optimism (OP) Price Sees Robust Growth Amid Market Volatility
The Optimism (OP) coin has exhibited a strong recovery, increasing by 70% within a week from $2 to $3.4. The growing network engagement, reflected in a significant increase in active addresses, suggests sustained growth for OP. The coin is currently trading at $3.41 and may potentially reach $4.25 with a 25% increase.
Near Protocol (NEAR) Price Gains Momentum Amidst $4 Breakout
The Near Protocol price has surged by approximately 48%, reaching around $4.1 from a base of $2.1. This rally, accompanied by increased trading volume and open interest, indicates a sustainable growth trajectory for NEAR. The coin may encounter its next major resistance at $5.2, representing a potential 30% growth.
Solana (SOL) Price Poised for Minor Correction Before Next Leap
The Solana (SOL) price has experienced a dramatic recovery, increasing by 540% from $17.7 to approximately $113 in the last four months. SOL is currently the 4th largest cryptocurrency by market cap at $47.5 billion. While a minor correction may occur, retesting the $100 level, this presents a strategic entry point for buyers before the next upward movement.
Hot Take: Altcoins Show Resilience and Growth Amid Market Volatility
Despite the overall sideways movement in the crypto market on Christmas Day, altcoins like Optimism (OP), Near Protocol (NEAR), and Solana (SOL) have demonstrated resilience and significant growth. These altcoins have defied market uncertainties and shown robust recoveries, attracting investor attention. The SEC’s recent directive regarding Bitcoin Spot ETFs has also fueled optimism in the market, indicating potential approval of these financial products in the near future.
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