The crypto market, once again, continues with its dynamic display where recent statistics show a noteworthy rise in the global crypto market cap, soaring to a substantial $1.65 trillion. This surge marks a 2.09% increase over the last day, showing the continued interest and investment pouring into digital assets.
However, despite this surge in overall market cap, the total crypto market volume over the preceding 24 hours has exhibited a contrasting trend, experiencing a moderate decrease of 11.74%. The volume during this period was reported at $65.53 billion, suggesting a temporary decline in trading activities within the crypto space.
Specific sectors have demonstrated varying contributions to the overall market volume within this sphere. The burgeoning domain of decentralized finance has shown resilience, accounting for a noteworthy $8.45 billion within the total 24-hour crypto market volume. This amounts to approximately 12.90% of the entire market activity, indicating investors’ continued interest and utilization of DeFi platforms.
Remarkably, stablecoins have emerged as a dominant force in daily crypto transactions. With a substantial volume of $57.85 billion, stablecoins have solidified their position, constituting a staggering 88.28% of the total crypto market 24-hour volume. This emphasizes the growing preference for stability and reliability among traders within the volatile crypto space.
In company news, Robinhood recently announced that it has launched the Robinhood Crypto application in the European Union (EU), catering to eligible iOS and Android users. This initiative marks a significant stride for the company in extending its services globally. The platform facilitates trading over 25 cryptocurrencies, including popular options like Bitcoin, Ether, and Solana’s SOL, among others, aiming to empower users with diverse investment choices.
Distinguishing itself from custodial crypto platforms, Robinhood Crypto introduces an enticing offer for its customers. Users stand to benefit from a unique incentive where they receive a portion of their trading volumes back each month in the form of Bitcoins, setting this platform apart from others in the market. Moreover, as part of a promotional strategy, new customers signing up for this account and executing a trade worth at least €10 can earn up to 1 Bitcoin.
Next Cryptocurrency to Explode
The company also extends its generosity towards existing users, providing an opportunity to win 1 Bitcoin for each successful referral. Existing customers can qualify for this reward when the referred individual engages in a crypto trade amounting to €10. It’s important to note that this offer is available for a limited period, creating urgency and encouraging participation among the platform’s user base.
1. SpongeBob (SPONGE)
While investors frantically search for crypto assets to invest in, they are usually always satisfied with the prospect of the next cryptocurrency to explode. SpongeBob (SPONGE) is one of the most promising opportunities now. The cryptocurrency is gathering significant attention and has experienced a surge in price, reaching $0.00044971 today. SPONGE’s value rose by 1.67% in the last 24 hours, contributing to an impressive 41.15% increase in the past week.
This digital asset is tradable on decentralized and centralized exchanges, with Uniswap V3 (Ethereum) emerging as a prominent platform. The SPONGE/WETH trading pair on Uniswap V3 has exhibited a trading volume of $107,733 within the last 24 hours. Additionally, other popular exchanges facilitating Sponge trades include Gate.io and BitMart.
For investors who wish to know the historical performance of their target assets, SpongeBob’s all-time high stands at $0.00092768. Its current price is just a 51.79% decrease from the all-time high. Its all-time low, on the other hand, is $0.00008794.
Market enthusiasts and traders are rife with speculation about Sponge’s future trajectory following its recent rally. Many anticipate potential near-term gains if the current hype surrounding the token sustains. Optimistic projections hint at Sponge potentially surging to the crucial level of $0.0010, drawing significant attention from token holders.
— $SPONGE (@spongeoneth) December 4, 2023
Comparing Sponge’s performance against its peers, the token has outperformed the global cryptocurrency market (up 11.60%) and similar Ethereum Ecosystem cryptocurrencies (up 12.70%) with its remarkable 41.20% surge in the last 7 days.
Amid this enthusiasm, the sentiment within the SpongeBob community is bullish, with over 85% of users expressing positive sentiments toward SpongeBob (SPONGE) today. This collective optimism further fuels expectations for potential future growth and market performance.
2. Immutable X (IMX)
SpongeBob isn’t the only asset gaining today, as Immutable X (IMX) has been on that path for a couple of weeks. IMX, it can be said, is benefitting from the ongoing altcoin season. Surging to $1.60 on Friday, it marked its highest value since May 2022, following many other altcoins experiencing substantial double-digit surges from their 2022 lows. This surge propelled Immutable X’s market cap beyond $1.9 billion, positioning it as the 40th largest cryptocurrency globally.
Looking ahead to 2024, financial services giant VanEck, managing assets exceeding $65 billion, foresees further potential upside for Immutable X. VanEck’s report highlights the platform’s burgeoning market share within the blockchain gaming industry, attributing this growth to the platform’s curated selection of high-quality games.
VanEck’s optimism stems from the anticipated success of games such as Illuvium, Guild of Guardians, and other high-profile titles hosted on Immutable X. Unlike games within the WAX Blockchain, these offerings are high-budget projects, less susceptible to being easily farmed for gains.
This bullish sentiment coincides with Immutable X’s recent announcement of a partnership with Merit Circle DAO, a prominent player in the gaming industry’s decentralized autonomous organizations (DAOs). The collaboration aims to expand Immutable’s presence within the DAO, which is composed of Beam (an open-source blockchain) and Sphere (a digital asset marketplace).
As part of this alliance, Beam is set to launch Immutable’s zkEVM, a robust scaling solution powered by Polygon. Moreover, Beam will integrate essential Immutable features like Orderbook and Passport, vital components within the creator industry.
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— Immutable_IMX (@ImmutableX_X) December 8, 2023
Simultaneously, Illuvium continues to fortify its gaming ecosystem and carve out a larger market share. The recent collaboration with Team Liquid, a prominent force in the esports industry, further solidifies its position.
Considering these developments, Immutable X’s price will likely maintain its upward trajectory in the coming months, effectively becoming the next cryptocurrency to explode. Technically, analysis indicates that the IMX token currently rests at a critical resistance level, coinciding with the highest swing observed on March 18th. Additionally, a bullish crossover has formed between the 50-day and 100-day moving averages, indicating the potential for IMX to rally toward the $2 mark soon.
3. Cardano (ADA)
Another crypto asset making the waves and set to become the next cryptocurrency to explode is Cardano. It has recently captured considerable attention with a remarkable surge in ADA price, marking it as the top gainer with an impressive leap of over 25% within the last 24 hours.
ADA’s reputation has been associated with a methodical, gradual pace, a characteristic that has previously deterred steep upward movements even during bullish market conditions. However, the current trading landscape has shifted as heightened trader activity on the network hints at a potential robust upward trend. On-chain data reveals a significant surge in daily active addresses, reaching levels not seen in the past quarter.
The surge in daily active addresses indicates heightened trading activities by market participants, irrespective of whether they engage in buying or selling. Such an uptick in activity typically signifies growing trader optimism about the token’s potential, potentially positively influencing the cryptocurrency’s value. Moreover, the count of unique addresses, which had experienced a downturn, has shown a healthy rebound, suggesting an increase in buying interest coinciding with consistent price hikes since the month’s inception.
— Cardano Foundation (@Cardano_CF) December 7, 2023
Furthermore, Cardano’s social prominence is on the rise, which is evident from the increased discussions observed in recent days. These factors have contributed significantly to the substantial surge in ADA price, now approaching a critical resistance level at $0.6. The token’s recovery from the aftermath of the FTX incident has bolstered bullish sentiments and is expected to bolster a robust push toward the subsequent resistance level at $0.8.
While ADA’s price has reached unseen since August 2022, a minor retracement is anticipated. However, bullish momentum seems firm, indicating the potential for Cardano’s price to surpass $0.8 following initial tests at interim resistance levels of $0.6 and subsequently at $0.685.
4. Solana (SOL)
The Solana DeFi ecosystem has also experienced a remarkable expansion in recent weeks, particularly benefiting decentralized exchanges on the network, which have seen unprecedented trading volumes.
This surge in volume has propelled Solana closer to its major competitor, Ethereum. Over the last 24 hours, Solana-based DEXes handled a staggering $1.01 billion in trading volume, nearly reaching 70% of Ethereum’s volume within the same period.
The soaring trading volumes on Solana can be largely attributed to a surge in ecosystem projects launching their tokens through airdrops, significantly boosting liquidity. Notably, Pyth Network, a blockchain oracle service provider, recently completed its airdrop, followed by Jito (JIT) initiating its airdrop on Thursday.
Prominent destinations within the Solana ecosystem for users include liquid staking protocols like Marinade Finance and Jito, collectively holding a substantial portion of the network’s total value locked (TVL). Lending protocols such as Margin and Solend have also contributed approximately $350 million to the TVL.
Solana’s DeFi ecosystem growth is closely linked to the network’s lower transaction fees and faster transaction speeds than Ethereum. Ethereum, grappling with increased demand, has faced challenges such as high costs and slower transaction times.
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— Solana (@solana) December 9, 2023
The surge in capital and user activity within Solana’s ecosystem has significantly impacted the price of its native coin, SOL. Within the last 24 hours, SOL surged past $70, marking its highest level since May 2022.
As of the report’s filing, SOL was trading at $72, indicating a remarkable 12.79% increase within 24 hours and an impressive 18.32% surge over the past seven days. Over the last month, the token has surged by 62% and an astonishing 423% since the start of the year.
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