The cryptocurrency industry adds $100 billion to global market capitalization
This week, the cryptocurrency industry saw a significant increase of $100 billion in global market capitalization. This boost was largely driven by the impressive performances of Moonriver (MOVR), Solana (SOL), and Optimism (OP).
Moonriver experiences a 170% spike in just one day
At the beginning of the week, Moonriver faced bearish trends. However, as the week progressed, the token decoupled and experienced a significant surge in value. Starting at $6.6141, Moonriver traded within a range of $6.1253 and $6.8328.
The breakthrough for Moonriver occurred on December 21 due to increased investor demand and social mentions. The token rallied 68% from $6.7233 to $11.35 the next day but faced resistance at this price point, resulting in an 11.06% drop within three hours.
Despite a correction, Moonriver maintained its gains above the psychological threshold of $9. The token eventually spiked by 146% on December 23, breaking multiple resistance points and closing at $23.978.
This uptrend may have been influenced by a similar rally in Kusama (KSM), the native token of the Kusama blockchain where Moonriver resides. Today, MOVR is up 170% and has seen a weekly increase of 378%.
Solana surpasses $100 mark, surpasses XRP and BNB
Solana has been on a strong upward trend in recent months. Despite projections of a potential correction, SOL continued to rise this week. Starting with a 5% intraday gain on December 18, the token closed the day above $70.
Although bears took control the following day, Solana defended the support at $71.78, resulting in only a 1.91% intraday loss. Since then, SOL has surged by 54% from its low of $71.78.
During this uptrend, Solana broke through the crucial psychological threshold of $100 for the first time since April 2022. It reached a high of $118 before encountering resistance from bears. Currently trading at $110.07, SOL has seen a 14% increase today and a 55% increase this week. It surpassed XRP’s market capitalization and flipped BNB to secure the fourth spot with a market cap above $47 billion.
Optimism achieves new all-time high
Unlike other assets that aimed to recover their pre-Terra highs, Optimism had an outstanding week. The token started with a slow performance, consolidating between $1.957 and $2.278 from December 18 to 20.
The positive momentum for Optimism began on December 21 after a resurgence in the broader market. The token experienced a 12.19% intraday increase and broke through the $2.5 resistance level, setting the stage for a significant surge.
On December 22, Optimism recorded a 37% gain, one of its largest intraday increases this year. The rally paused the next day with a minor loss of 0.43% as it faced resistance at $3.535.
However, despite a temporary collapse, Optimism held above the $3.5 price support and reached a new all-time high of $3.842 before encountering further resistance. Currently, OP is up 65% today.
Hot Take: Cryptocurrency Market Sees Significant Boost in Value
This week has been remarkable for the cryptocurrency industry as it added $100 billion to its global market capitalization. Top performers like Moonriver, Solana, and Optimism have played a crucial role in driving this growth. Moonriver experienced a massive spike of 170% in just one day, while Solana breached the $100 mark and surpassed XRP and BNB in market capitalization. Additionally, Optimism achieved a new all-time high. These developments highlight the continued strength and potential of cryptocurrencies as they attract increased investor demand and break through significant resistance levels.
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