The cryptocurrency industry added $100 billion to the global market capitalization this week, with notable contributions from top performers Moonriver (MOVR), Solana (SOL) and Optimism (OP).Moonriver spikes 170% in a dayMoonriver traded at the mercy of the bears at the early stages of the week, but decoupled and made its fortunes as the week progressed.The token started the week at a value of $6.6141, and continued to consolidate between $6.1253 and $6.8328.MOVR price – Dec. 24 | Source: CoinGeckoIts breakthrough emerged on Dec. 21 amid surging social mentions and increased investor demand. Moonriver rallied 68% from $6.7233 on Dec. 21 to $11.35 the next day. But the token faced resistance at this price point, witnessing an 11.06% drop within three hours.MOVR continued to collapse. Bears set out to trigger a full retracement of the Dec. 21 upsurge. This drop was likely triggered by selling pressure, as investors sought to dump their holdings at the 14-month-high above $11. Before this week, the last time MOVR saw $11-plus was in October 2022.A correction did not erase all the recently accumulated gains. Moonriver held strong above the $9 psychological threshold.The asset eventually spiked 146% on Dec. 23, breaking above multiple resistance points, and closing the day at $23.978.Some market watchers attributed the uptrend to a similar rally engineered by Kusama (KSM), the native token of the Kusama blockchain on which Moonriver resides. The uptrend spilled into today, with MOVR rallying to a 19-month high of $44 today before witnessing resistance. Moonriver is up 170% today and 378% this week.Solana breaches $100, flips XRP and BNBSolana has been on a rampage for the past few months.While some critics have projected a looming correction of the recent gains, SOL extended the ongoing run to this week. The token began the week with a 5% intraday gain on Dec. 18, closing the day above the $70 mark.SOL price – Dec. 24 | Source: Trading ViewThe bears took charge the next day, but Solanadefended the support at $71.78, recording its only intraday loss of 1.91%. SOL has continued to surge since then, currently up 54% from the $71.78 low. Amid the uptrend, Solana eventually breached the pivotal $100 psychological threshold for the first time since April 2022. The crypto asset soared to a high of $118 today, but a roadblock mounted by the bears resulted in a sharp drop. SOL currently trades for $110.07, up 14% today and 55% this week. Solana eclipsed XRP’s market capitalization earlier this week when it soared above $80, becoming the fifth-largest token. The asset further flipped BNB, securing the fourth spot, with a market cap above $47 billion.Optimism hits new ATHWhile other assets looked to recover their pre-Terra highs, Optimism aimed for the stars this week. Like Moonriver, the crypto token started the week with a slow performance, consolidating between $1.957 and $2.278 from Dec. 18 to 20.OP price – Dec. 24 | Source: Trading ViewOP’s good fortunes began on Dec. 21, a day after the broader market engineered a resurgence. Optimism’s price erupted on Dec. 21, leading to a 12.19% intraday increase. The asset successfully broke above the $2.5 resistance level on that day, setting the stage for a more substantial upsurge.This upsurge materialized on Dec. 22, with Optimism recording a 37% gain. This represented one of its largest intraday gains this year. The rally paused the next day, with OP meeting resistance at $3.535 and registering a mild 0.43 loss. However, Optimism witnessed increased buying pressure, rallying to a new all-time high of $3.842 today before collapsing. Despite the collapse, OP has held above the $3.5 price support. The token is up 65% today.#sol #MOVR #Optimism

Value locked on Solana applications grew in tandem, rising to $1.3 billion worth of tokens from the $400 million mark in November to reach levels previously seen in July 2022.Solana’s SOL neared $100 early Friday as ongoing hype for the blockchain’s speedy transactions, cheap fees and a lottery of meme coin issuances extended into its third week.Metrics show Solana has possibly been the strongest draw among on-chain traders, with trading volumes and network fees crossing those of Ethereum – which is usually the highest – on a seven-day rolling basis.Value locked on Solana applications grew in tandem, rising to $1.3 billion worth of tokens from the $400 million mark in November to reach levels previously seen in July 2022.These factors have apparently helped extend year-to-date gains for SOL to over 830%, with most growth in the past two months alone. The buying pressure has sustained even amid significant selling pressure from the bankruptcy estate of crypto exchange FTX, which held billions of dollars worth of SOL. The token was trading around $94 during the European morning, according to CoinDesk Indices data.Dog-themed bonk (BONK) apparently revived attention with a more than 1,000% jump in late November. That inspired a flurry of meme coins, such as dogwifhat (WIF), which yielded some early retail buyers with gains of over 10,000% in a short period.WIF added another 35% to market capitalization in the past 24 hours alone, showing no signs of stoppage amid significant hype in crypto circles on X.Data shows thousands of meme coins have since been issued by opportunistic developers. Most of these run up from a very low market capitalization to a few million.Solana-based meme coins issued in the past 24 hours. (Birdeye)Meanwhile, some analysts expect SOL’s outperformance to continue in the weeks ahead, pointing to the possible interest from retail investors as a driver of token growth.“Solana is recovering more steadily than most major competitors and shows more interest in it in the community, which promises to keep its performance above the market in the coming months,”“Google searches on Solana have soared 250% in the past two months,” shared Alex Kuptsikevich, FxPro senior market analyst, in a Friday note to CoinDesk. “User interest has coincided with the explosive growth of the asset and rising prices of related meme coins.”“The Solana blockchain continues to grow strongly with the background of new protocols and related airdrops,” Kuptsikevich added, referring to the BONK, ACS and JTO airdropsto Solana users in the past weeks.#sol #BONK #WIF

The total value locked (TVL) in DeFi is increasing day by day. When examining DeFis with more than $52 billion invested, it is seen that the GDP of many countries around the world has been surpassed.As we approach the year 2024, three decentralized exchange protocols stand out among their competitors. According to data from DefiLlama dated December 21, Uniswap (UNI), PancakeSwap (CAKE), and Orca (ORCA) are noteworthy.Uniswap (UNI) At the Top of the ListUniswap is perhaps leading the decentralized exchanges. It is talked about in all crypto circles as one of the most robust protocols in this category. It initially emerged on Ethereum (ETH) but later expanded and now supports 12 chains with a TVL of $4.06 billion.More importantly, its total value increased by 69% in 24 hours, similar to the increase experienced last week. At the time of writing, it is trading at a price of $5.98. Also, UNI’s market value is almost at the same level as its TVL. This reflects that Uniswap has a balanced structure.Is PancakeSwap (CAKE) Making a Comeback?PancakeSwap continues to maintain its strong stance in the market. It is in third place with a TVL of $1.50 billion and appears to be an essential part of the BNB Chain (BNB). Looking back, it is seen that the DEX hosted great successes during the period when the play-to-earn game Mania became popular in 2021.Currently, PancakeSwap has solidified its position in the top ranks by expanding its support to other 8 chains. The DEX’s token, CAKE, has seen an 11% increase and is trading at $2.52.At this time, less than half of its total value is locked. Considering this, the MCap/TVL ratio of 0.45 could indicate a discrepancy and an interesting buying opportunity.Did Solana Boost Orca (ORCA)?Meanwhile, attention has turned to Orca. Orca has earned its place on this list due to Solana’s (SOL) significant success in the crypto world and specifically within the DeFi ecosystem.This decentralized exchange appears solely as a DEX for Solana and has seen a 169% increase in its TVL. ORCA is in 10th place with $179.13 million worth of Solana-based tokens locked in its liquidity pools.Even more interestingly, Orca has a market value twice as high as its TVL, currently giving overbought signals. At the time of writing, ORCA’s value was at $8.47 and has shown an increase of 1,870% since its inception.#DEFI #UNI #CAKE #ORCA

BlackRock, a global financial leader, has made a significant move into the cryptocurrency market with an amended proposal for a spot bitcoin exchange-traded fund (ETF), named IBIT, according to a recent S-1 filing with the Securities and Exchange Commission.The filing provides detailed insights into the creation and redemption process, a crucial aspect of BlackRock’s ongoing discussions with the SEC. The proposal leans towards a “cash redemption model,” but retains the flexibility for an “in-kind” process, subject to regulatory approval.This involves continuous issuance and redemption of baskets, predominantly in cash. Bloomberg’s pro-crypto analyst, Eric Balchunas, highlights that BlackRock has opted for a cash-only model, signaling a strategic move ahead of the holiday season.BlackRock and its affiliates are committed to stringent adherence to anti-money laundering laws and sanctions regulations. Only thoroughly vetted third-party service providers, following comprehensive due diligence and Know Your Customer (KYC) processes, will interact with the trust.Two Redemption Models ExplainedThe filing introduces two redemption models: the Directed Trade Model and the Agent Execution Model. The former involves direct transactions with a Bitcoin Trading Counterparty, while the latter entails share surrender and associated fee payments, with the Trust converting Bitcoin into cash for redemptions.The trust’s custodial arrangements include temporary transfers of bitcoin for trading and expense payments, supported by a Trade Financing Agreement for borrowing bitcoin or cash. The tax implications for shareholders are also addressed, with a focus on recognizing gains or losses from bitcoin sales. The proposed “in-kind” redemption model, preferred by BlackRock, typically avoids triggering taxable events.Regulatory Discussions and Industry EngagementRegulatory discussions highlight a preference for the “cash model” by the SEC, despite BlackRock’s inclination towards an “in-kind” model. Industry leaders like BlackRock and Fidelity have been actively engaging with the SEC regarding the redemption process for spot bitcoin ETFs. While BlackRock’s proposal progresses, final regulatory approval is still pending, with firms like Ark 21Shares and WisdomTree also awaiting SEC decisions.BlackRock’s proposed IBIT ETF marks a notable entry into the cryptocurrency sector. The detailed filing sheds light on the creation and redemption mechanisms, regulatory compliance, and tax implications, outlining BlackRock’s comprehensive strategy in this venture. As the cryptocurrency investment landscape anticipates regulatory approval, the market is poised for a potential shift in dynamics.#IBIT #BTC #ETF

Amidst the ongoing speculation surrounding the surging prices of major cryptocurrencies and altcoins, Ran Nuener, a prominent venture capitalist, urges his large online audience to adopt a more measured approach. He suggests to view the situation as a marathon rather than a sprint.“The winners are those that win at the end. Those that run too fast at the start will get REKT!” Neuner stated.Investors Should Approach Crypto Bull Run with CautionIn a recent X (formerly Twitter) post, Neuner advised his 736,400 followers against hastily entering the crypto market as prices continue to experience an upward trend across the board.“Treat this bull market like a marathon (42km). We have done about 10km already, there are 32km left.”He declares “there are 32km of opportunities ahead of us,” to his following. Furthermore, he reminds them that they don’t need to catch every trade or have to time every trade perfectly.“Most people will get REKT before the end because they rush to make their fortunes!”Crypto Bull Run May Be ‘Biggest’ of All Time, According to AnalystOn November 14, Bitcoin reached $37,000, its highest point in 18 months. It was noted that the increase came amid growing optimism that US regulators will soon approve a spot Bitcoin exchange-traded fund (ETF), which one analyst says could lead to the next bull run.However, cryptocurrency analyst el_crypto_prof suggested on X that Bitcoin is on the cusp of “the biggest bull run of all time.”The analyst said that BTC recently flashed a rare buy signal, last seen eight years ago.#BTC #ETF #crypto

Transaction fees on the Bitcoin network have risen above $37. According to data from Mempool, the current minimum transaction fee exceeds 600 sat/vB, or approximately $37. This increase in transaction fees resulted in more than 347,000 transactions being disapproved.Chart containing the last 6 months of data on BTC network transaction fees.Moreover, mempool usage not only exceeded 300 MB, it reached a staggering 1.41 GB. Ordinals tokens, which were the cause of the congestion, paid 235.8 BTC in transaction fees in just one day yesterday. The last time such a high transaction fee was recorded was on May 9, when Ordinals tokens were so popular.With the concept of Ordinals becoming popular again, transaction fees have increased for all Bitcoin users. Bitcoin Core Developer Luke Dashjr recently clarified this issue. Dashjr had the following to say about the inscription feature, which forms the basis of the Ordinals concept and allows additions such as text, images, etc. to the Blockchain:“Inscriptions are spamming the blockchain by exploiting a vulnerability in Bitcoin Core. Since 2013, Bitcoin Core has allowed users to set a limit on the size of extra data in transactions they transfer or mine. Inscriptions overcomes this limit by disguising its data as program code.”According to some $BTC developers,the concept of Inscription causes a security vulnerability on the network.#BTC #Ordinals #Incription

The BONK crypto has gained notable traction with a 750% monthly surge, surpassing other top meme coins like DOGE & SHIB.$BONK , a cryptocurrency functioning atop the Solana ecosystem, garnered noteworthy attention within the broader crypto market on Saturday following a substantial drop in its price trajectory. The token that was initially fashioned as a meme coin surged phenomenally over the past few days, amassing bullish sentiments among market traders and investors globally. However, the current drop in the token’s price has fueled speculations orbiting Bonk’s price horizon among market enthusiasts.Furthermore, the price drop noted by Bonk comes amid a gust of developments witnessed by the token’s community. With its recent listing chronicle, Bonk further embarks on its cryptographic venture, emerging among the top meme coins in the market.Bonk’s Listing ChronicleThe Solana-backed token propelled further within the broader crypto market recently as Coinbase, a leading crypto exchange, announced the commencement of BONK trading on its platform. The announcement reportedly surfaced on the crypto horizon on Thursday, December 14. In addition, with the announcement gaining traction, the BONK price noted a significant surge on Thursday.Moreover, apart from its listing on Coinbase, the token was further jacked up by Binance, another eminent crypto exchange. Binance, building support for the token, announced zero-fee trading for BONK on its platform. Following the announcement, the token was integrated into Binance Covert, a trading tool for users on the platform.Meanwhile, the token also positioned itself among the top meme coins as it advanced further within the market.Furthermore, the cryptocurrency’s parent token, Solana, also amassed significant attention within markets, surpassing Ethereum in 24-hour DEX volume today.Bonk Surpass DOGE & SHIB’s Trading VolumeAs of writing, the Bonk price recorded a substantial drop of 16.76%, currently trading at $0.00002473. However, the token’s weekly trajectory portrayed an upswing of 73%, accompanied by a monthly surge of around 750%.Notably, the market volume of the meme coin was down 27.78% to $1.2 billion. Despite the decline in its trading volume, it has attained notable traction surpassing the last 24 hours of the top two memecoins Dogecoin and Shiba Inu. Simultaneously, the $DOGE price added 17% over the last 30 days, while the $SHIB price soared nearly 12% in the same time frame.Besides, the Solana price also noted a fall of 5.38%, currently resting at $74.59. With its weekly trajectory showcasing a plunge of 3%, the token’s market performance contrasted with Bonk’s price in recent days.#BONK #Solana #memecoin

In a week marked by notable gains, BRC-20 tokens, particularly RATS, SATS, and ORDI, emerged as the best performing tokens, providing significant returns to their holders. Binance, a leading cryptocurrency exchange, played a significant role in these increases by introducing the 1000RATS Perpetual Contract and facilitating spot trading for $1000SATS .BRC-20 Tokens on the RiseThe BRC-20 token standard, designed specifically for the Bitcoin Blockchain, has gained popularity in the Bitcoin ecosystem, particularly in decentralized finance (DeFi) applications, due to its ability to unlock advanced functions. Notably, RATS, SATS, and ORDI stood out among BRC-20 tokens, providing impressive weekly earnings for their owners.Binance’s strategic announcement to list these tokens was a significant catalyst that propelled RATS, SATS, and ORDI to the forefront of profitable weekly gains. While meme coins like Shiba Inu $SHIB and BONK $BONK made headlines, BRC-20 tokens quietly yielded profits, attracting the attention of crypto enthusiasts.Weekly Returns: RATS, SATS, and ORDI ShineUnlike meme coins, BRC-20 tokens RATS and SATS exhibited extraordinary weekly gains, delivering respective returns of 610.6% and 329.9% to their holders. ORDI’s returns were relatively modest at 10%, but its higher market value and trading volume make it a notable player in the BRC-20 environmentORDI reached a significant milestone by surpassing the 1 billion dollar market value threshold in the first week of December, providing its holders with an impressive monthly return of 850%. This success positions ORDI in various discussions on crypto platforms, especially after Binance’s recent listing announcement for the last two tokens, alongside RATS and SATS.The Binance Effect: A Catalyst for GrowthThe significant impact of Binance, often referred to as the “Binance effect,” was instrumental in driving the prices of these BRC-20 tokens to new heights. The listing of 1000RATS Perpetual Contracts and the opening of spot transactions for 1000SATS demonstrated the exchange’s ability to influence market dynamics, triggering a bullish sentiment.As a result of the Binance effect, 1000SATS is currently trading at 0.0008086 dollars on the Binance platform, while ORDI has a price of 56.92 dollars. These valuations underscore the significant gains experienced over the past week, contributing to the overall vitality of crypto portfolios.As the crypto market faces uncertainties related to macroeconomic events, the sustainability of gains in assets like RATS, SATS, and ORDI continues to be a subject of interest. Market participants will be keenly observing whether these BRC-20 tokens can maintain their impressive performances throughout the current market cycle.#BRC20 #BTC #ordinals