Here’s why MOVE rallied 26% as the crypto market tanked

MOVE, the native token of the Ethereum layer-2 blockchain Movement, has experienced a significant price increase that has outpaced the broader crypto market, which remains on a downward trajectory.

Move (MOVE) achieved the highest gain among the top 100 crypto assets on December 20, reaching an intraday high of $0.877 and closing with a market cap of approximately $2 billion.

The altcoin’s price rise coincided with a 63% increase in daily trading volume, which exceeded $1.6 billion, indicating increased interest among investors. Additionally, CoinGlass data reveals that open interest in the futures market rose to an all-time high of $103.93 million, which is almost double the $56.03 million recorded the previous day, indicating an increase in demand among investors .

Why is MOVE rising?

The main reason for the altcoin’s gains appears to be due to its partnership with leading digital asset custody and security company BitGo, which will bring WBTC (a tokenized version of Bitcoin on the Ethereum blockchain) to Movement’s mainnet.

By incorporating WBTC, the move aims to enhance DeFi offerings, providing users with more options when it comes to using assets, providing liquidity, and participating in decentralized financial services.

The movement’s price increase can also be attributed to the launch of its mainnet last week. Movement, an Ethereum layer-2 network powered by MoveVM, released its native token MOVE last week. Some of these tokens were distributed to early adopters and community members.

Additionally, MOVE has gained significant traction by securing listings on major exchanges such as Binance, Coinbase, OKX, and Upbit.

The move kicked off the token’s launch with an $830 million airdrop. Projects that combine a large user base, significant airdrops, and strong exchange support often experience initial price increases before stabilizing.

The altcoin’s rally was triggered by Bitcoin (BTC) falling below the $100,000 level as the broader crypto market fell 9.1% in the past day to reach $3.39 trillion, leading to a cascading effect with leaders in the broader altcoin market. opened it. Assets such as Ethereum (ETH), XRP (XRP), Solana (SOL), and BNB (BNB) have all reported losses over the past day.

MOVE may rise to $1 again

Experts suggest that MOVE may continue to rise in the coming weeks, with the price possibly returning to $1 and potentially surpassing it.

According to Rose Premium Signals, the crypto trading signal community on

Meanwhile, analyst Globe Of Crypto observed that MOVE recently broke the bullish pennant formation on the 4-hour time frame. Such a breakout usually indicates that an asset’s price increase will continue. Based on this, the analyst predicts that MOVE could rise another 40-50% and potentially surpass $1 next week.