➡️🔥🚀Why is the price of Moonriver (MOVR) cryptocurrencies rising sharply today?

The surge in MOVR price can be attributed to the upward movement of L1 blockchains such as Polkadot and Kusama, as evidenced by DOT and KSM price gains. Moonriver, a major Ethereum para-compatible chain on the Kusama network, is naturally benefiting from Kusama's overall momentum.

📈➡️The surge in MOVR indicates potential bullish activity in the broader Polkadot ecosystem. A substantial inflow of funds towards DOT, KSM and related projects may also have contributed to the increase in the price of MOVR.

➡️✅Price of Moonriver cryptocurrency

MOVR price added a whopping 42.33% to its value, having traded at $34.31 at the time of writing on Monday, December 25. The hyped digital asset has skyrocketed around 420% in the past seven days, giving newfound hope for bulls. Additionally, the cryptocurrency hit a new 52-week high of $43.73 on Monday.

The market capitalization of MOVR cryptocurrencies increased by 41.61% and was $294 million. If the gains continue, it could soon reach a market capitalization of $300 million. Additionally, around-the-clock trading volume increased by 70.49% to $888.58 million, underscoring steady demand.

‼️However, despite the rapid increase in prices, concerns arise about the possibility of an "oversold" movement. Furthermore, the absence of direct project announcements could further fuel these concerns.