Kusama

Moonriver

Polkadot

Moonriver (MOVR), one of the top movers in the crypto market lately, has locked in seven-day gains of over 400%. Meanwhile, the investors seem to be shifting their focus towards the crypto lately, as evidenced by the recent surge in the crypto’s price.
In addition, it surged over the $40 mark recently, which was indeed a turning point. However, netizens have been wondering why the MOVR crypto price is soaring beyond limits. Though the hype is inexplicable, several factors lead to it.
<h2 id="b-reasons-behind-move-crypto-price-hype-b">Reasons Behind MOVE Crypto Price Hype</h2>
The surge in MOVR price can be attributed to the upward movement of <a href="https://coingape.com/education/whats-layer-1-layer-2-and-layer-3-in-blockchain-key-differences-with-examples/" target="_blank" rel="noopener noreferrer nofollow">L1 blockchains</a> like Polkadot and Kusama, as evidenced by the gains in DOT and KSM prices. Moonriver, a prominent Ethereum-compatible para chain on the Kusama network, is naturally benefiting from the overall momentum in Kusama.
The MOVR surge indicates potential bullish activity across the broader Polkadot ecosystem. A substantial influx of funds into DOT, KSM, and related projects might also have helped gains in the MOVR price.
Also Read: <a href="https://coingape.com/polkadots-revenue-and-transactions-rise-but-is-it-sustainable/" target="_blank" rel="noopener noreferrer nofollow">Polkadot’s Growth Beyond Inscription-Driven Activity Is Crucial</a>
<h2 id="b-moonriver-crypto-price-b">Moonriver Crypto Price</h2>
The MOVR price added a whopping 42.33% to its value as it traded at $34.31 during writing on Monday, December 25. The hyped digital asset has skyrocketed by about 420% in the past seven days, resulting in newfound hope for bulls. In addition, the crypto attained a new 52-week high of $43.73 on Monday.
The MOVR crypto market cap increased by 41.61% and was $294 million. If the gains continue, it could soon capture a market capitalization of $300 million. Furthermore, the 24-hour trade volume spiked by 70.49% to $888.58 million, underscoring the unwavering demand.
However, despite the rapid price hike, concerns arise about the possibility of an “oversold” move. Moreover, the absence of direct project announcements could further fuel these concerns.
Also Read: <a href="https://coingape.com/markets/crypto-price-prediction-today-december-24th-mina-rune-dot/" target="_blank" rel="noopener noreferrer nofollow">Crypto Price Prediction For December 24th: Mina, RUNE, DOT</a>
The post <a href="https://coingape.com/why-is-moonriver-movr-crypto-price-soaring-today/" rel="noopener noreferrer nofollow">Why Is Moonriver (MOVR) Crypto Price Soaring Today?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Why Is Moonriver (MOVR) Crypto Price Soaring Today?

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