This is why the MOVE index rose 26% as the cryptocurrency market declined

MOVE, the native token of Ethereum’s layer 2 blockchain, has seen a significant price rally that has outpaced the broader cryptocurrency market, which has remained on a downward trajectory.

a movement (It moves) had the highest gains among the top 100 crypto assets on December 20, reaching an intraday high of $0.877 and closing with a market capitalization of nearly $2 billion.

The rise in altcoin prices coincided with a 63% rise in daily trading volume, which exceeded $1.6 billion, indicating growing interest among traders. In addition, Queenglass Data It reveals that open interest in the futures market rose to an all-time high of $103.93 million, nearly double the previous day’s $56.03 million, indicating a jump in demand among traders.

Why does the move go up?

The main driver of altcoin gains appears to be related to it partnership With leading digital asset custody and security company BitGo bringing WBTC (a token version of Bitcoin on the Ethereum blockchain) to the Movement mainnet.

By integrating WBTC, the movement aims to enhance DeFi offerings, providing users with more options for using assets, providing liquidity, and participating in decentralized financial services.

The rise in traffic prices can also be attributed to the launch of its mainnet last week. As a layer 2 Ethereum network powered by MoveVM, MoveVM released its native token, MOVE, last week. A portion of these tokens were distributed to early users and community members.

Furthermore, MOVE has gained significant traction by securing listings on major exchanges such as Binance, Coinbase, OKX, and Upbit.

The movement kicked off the token launch with an $830 million airdrop. Projects that combine a large user base, large airdrops, and strong currency exchange support often see an initial price spike before stabilizing.

The rise of the altcoin came with The broader cryptocurrency market declined 9.1% over the past day, to $3.39 trillion at time of writing, supported by Bitcoin (Bitcoin) It drops below the $100,000 levelcreating a ripple effect across the broader altcoin market with leading assets such as Ethereum (Ethereum), Ripple (XRP), Solana (Sol(and the National Bank of Bahrain)BNB Bank) All posting losses over the past day.

MOVE may rise to $1 again

Experts suggest that MOVE may continue to rise in the coming weeks, with the price potentially returning to and possibly surpassing $1.

According to For the cryptocurrency trading signals community on

Meanwhile, Globe Of Crypto analyst noted that MOVE recently broke out of a bullish pennant pattern on the 4-hour time frame. Such a breakout usually indicates continued rise in asset prices. And this is what the analyst says He predicts The move could rise another 40-50%, potentially exceeding $1 next week.