As of December 27, 2023, there is a noticeable recovery in the cryptocurrency market propelled by diverse expectations. This upturn has reignited investor excitement, with Solana taking the forefront. The market’s positive momentum is chiefly driven by optimism and speculation surrounding the potential approval of the inaugural Bitcoin Spot ETF. Against this backdrop, specific cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Cardano have observed gains. One such altcoin LEVER has gained more than 40% in the last 24 hours. Many are wondering what might happen to its value in the future. In this analysis, we’ll explore and make predictions about where LEVER price might go. Let’s check out our thoughts on the LEVER Price Prediction.

What is LeverFi (LEVER)?

LeverFi, which used to be called RAMP DEFI, is a decentralized platform where people can trade with borrowed money. In March 2022, the RAMP DEFI team changed their name to LeverFi because they wanted to adapt to the unpredictable DeFi market. The goal of this rebrand is to address problems in the current DeFi market, like a lack of sustainable Total Value Locked (TVL) and usefulness.

The LeverFi team wants to create a useful product where users can both trade and earn rewards. People who lend their money earn interest from traders who borrow to trade with leverage, up to 10 times their original amount. If there’s any unused money from lenders, it goes into other DeFi platforms to make more rewards.

LeverFi aims to connect Ethereum with other chains like BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, and more. It acts as a bridge between these different blockchain networks.

How has the LEVER price moved in recent days?

As of today, LeverFi is priced at $0.002435, with a 24-hour trading volume of $996.13 million. It has a market capitalization of $70.20 million and holds a market dominance of 0.00%. Over the last 24 hours, the LEVER price has risen by 41.32%.

On December 12, 2022, LeverFi reached its highest price of $0.005087, marking its all-time high. Its lowest recorded price occurred on August 17, 2023, at $0.000818, representing its all-time low. The lowest price since its all-time high was $0.000818 (cycle low), while the highest LEVER price since the last cycle low was $0.003169 (cycle high).

Currently, there is a bullish sentiment in LeverFi’s price prediction, and the Fear & Greed Index indicates a score of 73, indicating a state of Greed.

LeverFi’s circulating supply is currently 28.83 billion LEVER out of a maximum supply of 35.00 billion LEVER. The current yearly supply inflation rate is 109.51%, resulting in the creation of 15.07 billion LEVER in the last year.

Why is LEVER price up?

The LeverFi (LEVER) token underwent noteworthy fluctuations in the cryptocurrency market. After hitting an all-time low in August, the token made a remarkable recovery, surging by over 230%. Particularly noteworthy is the fact that a substantial portion of this surge, more than 85%, occurred within the month of September.

The LeverFi (LEVER) token has recently experienced a recovery, drawing notable interest after DWF Labs made a multi-million dollar investment in it. This development has caught the attention of significant investors. The infusion of substantial capital, coupled with the growing enthusiasm for decentralized leverage trading, suggests a positive outlook for LeverFi (LEVER). The platform’s innovative approach, combining traditional financial trading with blockchain technology, sets the stage for potential growth within the decentralized finance (DeFi) sector.

LeverFi (LEVER) is also set to introduce ‘LeverPro,’ a specialized launchpad designed for BRC20 tokens within the Bitcoin ecosystem. This strategic move aims to create a dedicated platform for the launch and support of BRC20 tokens, providing a streamlined and efficient environment for projects seeking to enter the Bitcoin ecosystem. 

LeverPro is expected to enhance accessibility and visibility for these tokens, fostering innovation and growth within the broader crypto space. As LeverFi continues to expand its ecosystem, the launch of LeverPro reflects its commitment to facilitating the development and integration of diverse blockchain projects within the Bitcoin network.

How high will the LEVER price go?

Over the past year, LeverFi’s (LEVER) performance has been marked by a noteworthy 37% increase in its price. Trading consistently above the 200-day simple moving average indicates a sustained positive trend. The recent trend is further underscored by 16 green days in the last 30 days, representing a solid 53% of positive trading sessions. 

LeverFi exhibits high liquidity, as reflected in its market cap, indicating robust investor interest and participation. However, despite these positive indicators, it’s important to note that LeverFi has experienced a decline of -52% from its all-time high, suggesting potential challenges in recapturing previous peak values. 

Additionally, LeverFi has been outperformed by 61% of the top 100 cryptocurrencies over the past year and also lags behind the performance of industry giants Bitcoin and Ethereum. Furthermore, the yearly inflation rate of 109.51% raises considerations about the impact of supply dynamics on its long-term value proposition. 

Considering the positive technical indicators for LeverFi (LEVER), such as trading consistently above the 200-day simple moving average (SMA) and the recent 37% price increase over the last year, there is a possibility that the 200-day SMA could experience an upward trend in the coming month. The projection suggests a potential rise to $0.001591, reflecting a continuation of the positive momentum.

Furthermore, with 16 green days in the last 30 days and a short-term outlook, the 50-day SMA is anticipated to reach $0.002072 by January 24, 2024. This short-term forecast aligns with the recent positive trend and indicates potential bullish sentiment in the near future. However, it’s important to note that cryptocurrency markets are dynamic and subject to various factors, so these projections should be considered with caution, and ongoing market analysis is recommended to validate and adjust expectations.

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• The Korea Premium Index reached levels similar to the time when Bitcoin hit its peak in November 2021.
• Korean retail investors were willing to pay a premium for Bitcoin’s purchase.

Bitcoin’s [BTC] demand in the U.S., the biggest financial center of the world, increased manifold even as institutional investors in the country started placing their bets on the coin owing to spot exchange-traded funds (ETFs) hype.

More than 6,400 miles (ca. 10,300 km) away, an Asian country had a similar thirst for Bitcoin, except this time it was driven by retail investors.

Korean traders amp up demand for Bitcoin

Bitcoin’s Korean Premium Index, an important barometer of the South Korean market’s buying power, soared dramatically in December.

As per AMBCrypto’s analysis of CryptoQuant, the index has reached levels similar to the time when Bitcoin hit its peak in November 2021.

Korea Premium Index, also popularly known as the Kimchi Premium, is the percent difference between the market price of Korean exchanges and other exchanges.

For the uninitiated, the Korean market is mostly made up of retail investors due to regulations against institutional investors.

This is a historical phenomenon and is driven by a high demand for cryptos in the country.

As evident, the index was positive, implying that retail investors were willing to pay a premium for the purchase. Moreover, the rising trend signaled that more and more traders were willing to buy Bitcoins at a higher price.

Korean exchanges see a surge in Bitcoin trading

Over the past 24 hours, BTC was the third most-traded asset on Upbit, the country’s largest exchange, according to CoinGecko. Moreover, the BTC/KRW pair accounted for over 7% of the exchange’s total trading volume.

On the other hand, the pair captured a whopping 48% of the total volume on Bithumb, another major crypto trading platform in the East Asian nation.

The indicator, according to a Cryptoquant researcher, provides key signals concerning price tops. They attributed this to Koreans’ access to cash to buy coins on exchanges and the FOMO hype.

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Read Bitcoin’s [BTC] Price Prediction 2023-24

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While the current level was similar to Bitcoin’s peak, it remained to be seen if there is a correction on the way or Bitcoin would continue to fly higher.

As of this writing, BTC moved in the $42,000 region, with losses of 1.33% in the last 24 hours, according to CoinMarketCap.