The cryptocurrency market is experiencing a comprehensive rebound! What should be the next step?
Finally, we've made it through; a bull market often involves sharp declines, with many high-margin long positions, while shorts take profits during the crash and switch to long positions, leading to a new market trend starting. I mentioned this yesterday; do not fear sharp declines; hold good coins and boldly bottom fish if you have spare cash.
Yesterday's turning point was the favorable PCE data and the Trump family's project WLFI increasing their ETH holdings.
Currently, ETH approaching $3600 may face some resistance, with the second resistance near $4000. Long-term spot positions can be held continuously, looking towards $8000 by March next year.
Trading cryptocurrencies means when others are fearful, I am greedy; extreme panic is the right time to enter, buying what others dare not buy.
Bottom fishing for 3 altcoins with a future value of 100 times!
1. MOVE
Movement (MOVE) is the native token of a Layer 2 blockchain based on Ethereum, recently outperforming broader market trends with a significant price increase. On December 20, MOVE reached an intraday high of $0.877, with a market cap close to $2 billion. Its price increase is attributed to a 63% rise in daily trading volume, exceeding $1.6 billion. The open interest in the MOVE futures market also doubled in a single day, from $56.03 million to $103.93 million, reflecting growing interest among traders.
The surge in MOVE's price appears to stem from its recent collaboration with the renowned digital asset custody platform BitGo. This partnership facilitates the integration of Wrapped Bitcoin (WBTC) into the Movement mainnet, enhancing its decentralized finance (DeFi) products. With WBTC's support, Movement aims to increase asset utilization, expand liquidity options, and enhance its appeal within the DeFi ecosystem.
Another catalyst for MOVE's growth is the recent launch of its mainnet. The native token of Move is supported by the MoveVM architecture and made its debut alongside an $830 million airdrop aimed at early adopters and community members. This strategic approach helps drive initial interest and adoption. The token is listed on major exchanges such as Binance, Coinbase, OKX, and Upbit, further expanding its visibility and trading activity.
2. TON
Toncoin (TON) currently ranks 13th by market capitalization and has shown mixed performance over the past year. Its market cap is approximately $13.16 billion, with a circulating supply of 2.55 billion tokens. Although its price dropped 7.57% to $5.04 in the last 24 hours, its trading volume slightly increased by 1.82% to $568.34 million, highlighting continued interest from market participants.
The integration of blockchain with Fordefi introduces enhanced security features for institutional participation in decentralized finance (DeFi). This development may enhance the adoption of DeFi among institutional participants seeking secure involvement. Meanwhile, even amidst a generally sluggish cryptocurrency market and liquidations, whale activity in Toncoin has increased, with large transactions rising by 80%, reaching a trading volume of 1.68 billion TON.
Another significant development for Toncoin is the plan to launch the TON Space custodial wallet. This initiative aims to attract 30% of Telegram users to the Toncoin ecosystem by 2028, greatly expanding Toncoin's user engagement and utility.
Although the total supply of Toncoin has significantly increased, institutional investors have shown keen interest in it, but its price volatility reflects broader market challenges. The consolidation efforts and the growing whale trading indicate an increase in trust and activity, but the long-term success of its initiatives will depend on sustained adoption and the stability of the broader cryptocurrency market.
3. LDO
Lido Finance has achieved a significant milestone in its fourth year of operation. The platform reported a net profit of $5 million and revenue of $99 million for 2024, with costs at $94 million. This marks a turning point in Lido's history, as confirmed by the crypto consulting firm Steakhouse Financial.
Liquid staking services are becoming increasingly popular among retail and institutional investors, driving Lido's remarkable growth. As of January, the total locked ETH in the Lido protocol grew by 5%, reaching 9.81 million ETH. Lido's stETH product allows users to stake ETH while maintaining liquidity, remaining popular among users.
Lido's native token LDO has also seen significant gains. Over the past 30 days, it has surged by 33.36%, reaching $1.53. In just the past 24 hours, its trading volume grew by 38.50%, reflecting the growing demand for Ethereum staking. Although its market cap slightly decreased to $1.37 billion, these figures highlight Lido's increasing influence in the staking market.
Meanwhile, Lido Finance recently terminated its services on the Polygon POS network. This shift allows the team to focus on the Ethereum ecosystem. Discussions on the Lido DAO forum and governance voting by LDO token holders indicate that scalability challenges on Polygon are considered the main reason for this change.
Additionally, Lido has introduced a community staking module, allowing users to become node operators on the Ethereum mainnet without requiring permission. This move reinforces Lido's commitment to decentralization and expands community participation opportunities in Ethereum staking.
