The cryptocurrency market rose over the past 24 hours, with the majority of the top 10 coins trading higher at the time of writing. US stocks climbed yesterday after Federal Reserve Chair Jerome Powell reiterated that interest rates will likely need to rise this year.
Investors welcomed the confirmation that the Fed is serious about tackling inflation, sending major indexes higher: NASDAQ100 (+1.47%), S&P 500 (+0.92%) and DJIA (+0.51%) all closed up yesterday.
Energy stocks dominated the list of S&P 500 gainers following a sharp rally in oil prices.
Market participants will be watching the monthly Consumer Price Index (CPI) and core CPI data closely, due to be released today at 13:30 GMT.
Top Cryptos
Bitcoin climbed roughly 1% and is trading above $42,000 at the time of writing. Ethereum gained about 4%, while Cardano and XRP posted increases of approximately 5% and 2%, respectively. Polkadot, also among the top 10, recorded a roughly 10% rise.
Avalanche, ranked 11th by market cap, surged 11% today and is trading just above $90. It has overtaken both Dogecoin and Shiba Inu by market capitalization and appears on track to test the $100 level soon.
NEAR Protocol’s native token NEAR is the biggest winner among the top 20 this week. The coin, ranked 19th, rose 7% over the past seven days—more than any other top-20 asset—and gained 10% just today.
Top Movers
After recovering from a recent pullback, Fantom has launched a relentless bullish run driven by several recent developments. First came news that Movr Network integrated Fantom into FundMovr, followed by the ongoing FantomLive IDO on DAOSarter. Fantom has jumped 20% in the last 24 hours.
Oasis Network (ROSE), a privacy-focused Layer 1 blockchain built for open finance and a responsible data economy using the Cosmos SDK, is up 19%.
Secret, the native token of Secret Network—a blockchain that provides privacy-preserving smart contracts by default—has risen 18% in the last 24 hours. Secret enables permissionless, privacy-first applications that protect users, secure applications, and unlock hundreds of use cases previously impossible for Web3.
Sandbox, Kadena and Bora each increased by 14% today. Bora climbed to #96 in the rankings after previously hovering around #100 as recently as yesterday.
Harmony, the 42nd largest coin by market capitalization, is also among today’s notable gainers, up over 13%. Celo gained just under 13%. OMG Network and Livepeer each rose about 13%.
The metaverse token GALA, which surged 700% in November last year before entering a series of lower highs, is beginning to recover some losses and gained 12% today. Arweave is also up 12%.
Other strong performers include Enjin Coin (+11%), Stacks (+10%) and THORChain (+10%). Kusama’s price is trading at $272 today with a 24-hour volume of $114.4 million, up 9.71% in the past 24 hours.
Trends
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The token BCOIN is priced at $3.24 today. Bomber Coin has surged 30% over the last 24 hours.