Most of the top 10 cryptocurrencies posted gains over the past 24 hours as markets reacted to stronger-than-expected US economic data and ongoing sector developments. The US economy outperformed forecasts in the fourth quarter of 2021 despite a surge in Omicron coronavirus cases.
According to the Commerce Department, GDP expanded at an annualized rate of 6.9% in the three months ending in December, up from 2.3% in the previous quarter. The robust reading surprised many investors and economists.
Despite the positive GDP print, US stocks slipped in afternoon trading as investors weighed the implications of faster growth on interest rate expectations. Growth-oriented equities took the hardest hit, while a few high-profile names bucked the trend—Netflix, for example, rose 7.36% after billionaire investor William Ackman disclosed a $1.1 billion stake in the streaming company.
Top cryptos
At the time of writing, Bitcoin had risen about 3% and Ethereum was up more than 2%. Five other coins in the top 10 by market capitalization were also trading higher. The broader top-20 list was largely flat, though Terra and Cosmos stood out as notable decliners—down roughly 13% and 9% respectively—erasing some recent gains.
Top movers
Among the top 100 tokens, most moved within a 1–4% range over the last day. FTX Token outperformed after its issuer, the FTX exchange, announced a series of new partnerships; the token gained around 5% on the news.
Gala reversed yesterday’s rally and fell about 10%, moving closer to its all-time low after losing nearly 70% of its value over the past month.
Convex Finance, a platform that allows users to deposit Curve LP tokens to earn Curve trading fees while supporting CRV and CVX token dynamics, lost roughly 14% in the last 24 hours.
Bora climbed the ranks within the top 100, rising about 8% today to reach the #86 spot. That move brought Bora’s seven-day gain to roughly 20%, making it one of the few tokens with positive weekly performance aside from Helium (just under 2%) and several stablecoins.
Trending
The biggest gainer of the day was DIFX, the native token of the Digital Financial Exchange. DIFX is designed to be compatible with both the Ethereum Mainnet and Binance Smart Chain, following ERC-20 and BEP-20 standards. The token’s price is tied in part to the perceived reliability of the exchange that issues it. DFE positions itself as a data-encrypted and insured global trading platform for cryptocurrencies. DIFX surged dramatically, recording a one-day gain of roughly 538%.
Tectonic, a decentralized money market protocol that enables users to act as liquidity providers or borrowers, also rallied after a recent listing on Crypto.com earlier this month. Tectonic gained about 29% over the past 24 hours as momentum built following the listing.