The global crypto market cap surged 7.9% this week, from $1.52 trillion to $1.64 trillion. While Bitcoin (BTC) largely catalyzed this impressive run with its push above $44,500, assets such as Jito (JTO), Solana (SOL) and Avalanche (AVAX) also made their unique contributions.
Jito pushes for $5 on debut
Jito, a liquid staking platform built atop the Solana blockchain, released its governance token JTO this week. JTO’s earliest trading price was $2.04 on Dec. 7, per data from CoinMarketCap.
The token immediately observed an upsurge, capitalizing on the ongoing market-wide run and a massive 24-hour trade volume of $1.1 billion. Jito surged 80% to a price of $3.67 as of Dec. 8. However, the rally witnessed a roadblock at the $3.67 high, leading to a short period of consolidation.
JTO eventually broke the consolidation, supported by increased buying pressure and whale activity. The crypto asset leveraged the resurgence to push for a $5 target, soaring to a new peak of $4.36 on Dec. 9. This push to $5 was unsuccessful, as the asset faced another resistance, leading to a collapse to $3.34.
The token trades for $3.36 at the reporting time, up 64.7% this week. JTO needs to hold above the support at $3.30 to hedge against any drops to the Friday lows below $3. With a market cap of $382 million, Jito now ranks as the 147th largest cryptocurrency.
The Jito initial coin offering (ICO) concluded on Nov. 28.
Solana clinches pre-Terra highs
Solana’s positive momentum this week was one of the catalysts behind the optimism around Jito as well.
As in previous weeks, SOL reached new local highs, riding on the back of the Bitcoin uptrend and the sustained buying pressure among whale addresses.
Author: Wahid Pessarlay
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