MOVE, the native token of the Ethereum layer-2 blockchain Movement, has undergone a notable price surge that outperformed the wider crypto market, which has experienced a decline.

Movement (MOVE) achieved the highest gains among the 100 largest crypto assets on December 20, hitting an intraday peak of $0.877 and closing with a market cap nearing $2 billion.

The altcoin’s price increase coincided with a 63% boost in daily trading volume, surpassing $1.6 billion, suggesting a rising interest from traders. Furthermore, CoinGlass data shows that open interest in its futures market skyrocketed to an all-time high of $103.93 million, nearly doubling the previous day’s figure of $56.03 million, indicating heightened demand among traders.

What is driving MOVE’s rise?

The primary catalyst for the altcoin’s increase seems to stem from its partnership with prominent digital asset custody and security firm BitGo, which will facilitate the introduction of WBTC (a tokenized version of Bitcoin on the Ethereum network) onto Movement’s mainnet.

By integrating WBTC, Movement intends to enhance its DeFi offerings, providing users with additional options for utilizing assets, supplying liquidity, and engaging in decentralized financial services.

The surge in Movement’s price can also be linked to the recent launch of its mainnet. As an Ethereum layer-2 network utilizing MoveVM, Movement launched its native token, MOVE, last week. A portion of these tokens was allocated to early adopters and community members.

Additionally, MOVE has gained significant momentum by securing listings on major exchanges, including Binance, Coinbase, OKX, and Upbit.

To kickstart the token’s launch, Movement conducted an $830 million airdrop. Projects that combine a large user base, substantial airdrops, and strong exchange backing often see initial price surges before stabilizing.

This altcoin’s rise occurred amidst the fact that the broader crypto market fell 9.1% over the past day, bringing the market cap to $3.39 trillion at the time of writing, largely driven by Bitcoin’s (BTC) plummet below the $100k mark, causing a ripple effect throughout the altcoin market, with key assets like Ethereum (ETH), XRP (XRP), Solana (SOL), and BNB (BNB) all recording losses over the last day.

MOVE may rise to $1 again

Analysts believe that MOVE could maintain its upward momentum in the coming weeks, with expectations of a return to $1 and perhaps even exceeding it.

According to a cryptocurrency trading signal community on X, Rose Premium Signals, MOVE may continue its uptrend, potentially reaching $1.3, which would signify an approximate 60% increase from its current price levels.

Meanwhile, analyst Globe Of Crypto noted that MOVE has recently broken out of a bullish pennant pattern in the 4-hour timeframe. Such a breakout usually indicates the likelihood of a continued price rally. Based on this analysis, the analyst predicts that MOVE could experience a further increase of 40-50%, possibly exceeding $1 within the next week.