Top Crypto Gainers in December 22 – ALGO, NEAR, And OP
Today, there's a momentous trend in the cryptoassets market. A quarter of the coins have positive shifts, while many are down. Nevertheless, the majority are attractive to investors and traders alike.
ALGO, NEAR, OP, and Bitcoin Minetrix are among the top performers in the market today, measured by 24-hour price change, trading volume, etc.
Many investors look for crypto assets with massive gains in the long and short periods to make massive returns. So, this guide provides helpful insights for enthusiastic traders seeking to make the most from these big gainers today.
Keep reading!
Algorand (ALGO) - Value-Explosive Token
The Algorand (ALGO) cryptocurrency has been going up steadily lately, with the overall rise in the crypto world.It reached a high of $0.2525, jumping by 190% from its lowest price this year.
Considering this increase, it marks a total value of almost $2 billion.
Although there are some challenges in its growth, the coin has been moving upward noticeably. Also, the crypto market, as a whole, has seen positive changes.
Some reasons include expectations of rate cuts, the possibility of approving a Bitcoin Exchange-Traded Fund (ETF), and people feeling more eager to join the market.
As a result, the total market value has now surpassed $1.83 trillion because of these movements in prices. Also, the price is at $0.228, up by 12.96% as of 8:30 am EST today.
New Resistance Sight - Can ALGO Break Out?
The price of ALGO has shot up a lot in recent months, rising by 180% from its lowest point in September. It's been staying above certain key price levels as it climbs.
The Relative Strength Index (RSI) is at 73.66, which indicates a strong upward push.
As such, ALGO could push above the upper limit of its price range ($0.2307). Also, the Simple Moving Average indicators suggest it's highly likely to keep going up. Furthermore, the coin has a support of $0.1918, which implies that a subsequent leap to the $0.3 level is achievable.
According to experts, this rise could be attributed to the holiday season's positive impact on the market and the expectation that ALGO might be the next big cryptocurrency.
Algorand, known for being energy-efficient and having advanced technology, seems to have a bright future.
With its focus on sustainability and readiness for future technology, it's not just keeping up with the current trends in blockchain but also setting new standards.This suggests that Algorand could become a major player in the blockchain world well into the future, even beyond 2024.
NEAR Protocol (NEAR) - Fascinating Layer-One Blockchain and Cloud Computing Hub
NEAR Protocol (NEAR) has seen a big jump of 17.72% in the past day, making its price $3.34 now. The trading volume also shot up today, hitting over $837 million. The surge suggests many more people are getting involved and interested in NEAR.
Cryptocurrency stands out for its focus on making blockchain tech easy to use and capable of growing a lot.
This recent price jump and the higher trading activity might show that people are more confident about NEAR.It could be because of new partnerships, its tech features, and what people think it could be used for.
The data also shows a big increase in NEAR's total open interest (OI) by 47.18%, now at $117.8 million. Binance leads in this, followed by Bybit and OKX. Other platforms also have some interest in it.
Even though there's more interest in NEAR, it's not clear how much of it is people betting for or against its price.
That mystery adds some uncertainty about how people really feel about NEAR right now. Investors and experts will be watching NEAR closely to see if its recent gains can last.
How NEAR does could tell us a lot about where the whole cryptocurrency world might be heading. All in all, NEAR's rise makes it one to watch in the competitive crypto assets world.
NEAR Falls Away from Sighted Resistance - Will The Fall Continue?
The coin has formed a red candle stick on the chart today, which shows that its price rally was rejected. This price rejection could trigger a further drop in the long run.
However, the case is different for NEAR. Its 50-day and 200-day Simple Moving Average is below NEAR's trading price, indicating a short and long-term bullish sentiment.
Also, the Relative Strength Index (RSI) is at 76.69, confirming the upward trajectory of the coin. Although it's pointing down, it's likely that any movement near the support at $2.252 will trigger another green candle in the coming days.
If things go as expected, then NEAR should break above the resistance at $3.587, setting its next resistance at the $4 mark.
Optimism (OP) - Rapid Adoption and Usage
The Optimism network, a popular scaling solution for Ethereum, has become a big hit in 2023, attracting more users looking for better options. The number of people using it has shot up this year.
According to the latest data from Intotheblock, there are now over 5.9 million addresses with a balance on the network, a huge jump from 1.2 million in January, marking a 391% increase.
What a year for @Optimism! The network currently counts over 5.9 million addresses with a balance, up 391% from 1.2 million in January!
https://t.co/b6bBM1Qd6z pic.twitter.com/58gPngqEk3
- IntoTheBlock (@intotheblock) December 21, 2023
By December 22, the total number of addresses on Optimism's Layer 2 network reached around 84.38 million. While this number was growing steadily, it really took off in mid-September. In just three months, it surged by over 843%.
This growth happened after Optimism's successful third airdrop on September 18, where the team gave away 19,411,313 tokens worth over $26 million to 31,870 unique addresses as part of their plan to involve the community.
Not just more addresses, but the number of transactions on the Optimism network also shot up.
This shows that more people are using it as competition among Layer 2 solutions increases. According to L2Beat, Optimism now has a massive $5.19 billion in total value locked (TVL), making it the second largest Layer 2 after Arbitrum. Its market share is over 30%.
In the last 30 days, Optimism's revenue surged by 41.57%, totalling $4.47 million, according to Token Terminal data.
Also, its annualized revenue over the past year grew by almost 80%, reaching $54.33 million. In the short-term time frame, the OP token's price has been doing really well lately, jumping by 26% on the last day and 40% in the past week. Right now, it's trading at $2.95 as of 9:38 am EST.
OP Sits Within Resistance - What's Happening Next?
OP's market is bullish in the long and short term. Its 50-day and 200-day Simple Moving Average is below its trading price, which indicates bullish solid pressure in the market.
Also, the Relative Strength Index (RSI) is pointing up, and its value is 75.65.
This implies a further upward trajectory in the long run. As such, you could expect OP to be $3.5 in the coming weeks. Furthermore, the coin is sitting in range with its critical resistance at $3.042.
This is a two-way trend because a drop at this point will trigger more loss, while a pump at the rate will trigger a boost.
Meanwhile, its support level is still at $2.090, meaning it has a strong foundation in case of any potential trend reversal. OP is bullish today and could be an ideal coin for investment before the year ends.
Nevertheless, you must have adequate risk management tactics and strategic trade setups to make the most of the coin in the market.
Bitcoin Minetrix - Revolutionary Asset with Mine-to-earn Model
>>>Visit Bitcoin Minetrix Presale
Bitcoin Minetrix offers a safe way for regular folks to mine Bitcoin without dealing with the risks of traditional cloud mining.Instead of complex hardware and potential scams, you stake BTCMTX tokens. These tokens earn you credits for mining BTC, making it simpler and safer.
This approach is more accessible and secure compared to traditional cloud mining. All you need is an Ethereum-compatible wallet like MetaMask to buy and stake BTCMTX tokens. Staking these tokens gets you credits for BTC mining power.
The advantages of Bitcoin Minetrix include low entry costs, safety, user control, ease of use, and flexible staking. It's great for everyday crypto enthusiasts.
The presale of BTCMTX tokens has raised over $5.8 million, showing its early success and potential for growth. Several factors could boost Bitcoin Minetrix's value.
Bitcoin's performance heavily impacts all cryptocurrencies. If BTC rises, so do others, including Bitcoin Minetrix.The project's link to Bitcoin mining means its value might mirror BTC's market trends.
As Bitcoin's price increases, more people may stake BTCMTX tokens.
Combining staking and mining benefits both types of investors. Staking BTCMTX tokens reduces their availability, making them rarer within the system and potentially increasing their value.
During a bull run or with positive social media attention and exchange listings, Bitcoin Minetrix could see increased interest and investment, potentially driving up its value.
ConclusionThat wraps up our guide on the top-performing cryptocurrencies. Identifying the leading crypto today can help save time and lead to profitable investments.
Each of these gainers has its strengths and potential, making them worth considering in the ever-changing crypto landscape.Yet, it's crucial for investors to analyze them thoroughly and assess their risk tolerance before making any investment choices.
The post Top Crypto Gainers in December 22 - ALGO, NEAR, And OP appeared first on The Tech Report.