The cryptocurrency industry is expected to experience lower volumes during the holiday season, but there are still plenty of trends to keep an eye on. One of the top cryptocurrencies to watch this week is Hyperliquid (HYPE), which saw a price rally that gained steam after its airdrop on November 29. The coin surged to a record high of $35.18, up nearly 200% from its airdrop listing price of $11. Hyperliquid’s market cap has jumped to $9.2 billion, with a fully diluted valuation of $33.7 billion. The coin’s strong performance can be attributed to its dominant market share in the decentralized perpetual trading industry, with data showing a high volume of $52 billion in the last seven days.
Another cryptocurrency to watch this week is Horizen (ZEN), which has been surging to 2022 highs. The privacy-focused token has seen a four-day consecutive rise, reaching its highest level since May 2022. Grayscale recently launched a Horizen Trust, giving investors access to the coin, further boosting its price. Horizen was also listed on Gains Network, a decentralized derivatives trading platform on the Polygon network. Technical indicators suggest that Horizen’s price could see further gains, potentially rising to the 23.6% retracement level at $45, which is 53% above the current level.
On the other hand, Immutable X (IMX) has seen a drop in price ahead of an upcoming token unlock event. The blockchain company, based in Sydney, Australia, is set to unlock over 24.5 million IMX tokens valued at over $33 million. This is part of Immutable’s tokenomics plan, with a similar number of coins released into the market each month. The IMX token, which serves as the Ethereum Layer 2 solution for NFTs and gaming, has retreated below the major support level and is approaching the ultimate support at $1.1720. The coin is expected to continue falling leading up to the unlock event on December 27.
In addition to Hyperliquid, Horizen, and Immutable X, there are other top cryptocurrencies to watch this week. Some upcoming token unlocks include Ethena (ENA), Cardano (ADA), Optimism (OP), and Sui (SUI). These coins may see increased volatility and price movements as a result of the unlocking events. It’s important for investors and traders to stay informed about these developments and monitor the market closely for potential trading opportunities.
Overall, the cryptocurrency market is expected to see lower volumes during the holiday season, but there are still plenty of exciting trends and developments to keep an eye on. From price rallies to token unlocks, there are a number of factors driving the price movements of various cryptocurrencies this week. By staying informed and monitoring the market closely, investors can take advantage of potential trading opportunities and make informed decisions about their cryptocurrency investments.
