Most of the top-ten cryptocurrencies rose over the past 24 hours. The U.S. economy surprised on the upside in the fourth quarter of 2021 despite a sharp rise in coronavirus cases.
The Department of Commerce reported yesterday that growth accelerated to an annualized rate of 6.9% in the last quarter, up from 2.3% in the previous quarter.
Despite the upbeat data, U.S. stocks fell yesterday afternoon as investors digested warnings about rising interest rates alongside the GDP figures.
While growth stocks were broadly pressured, Netflix (+7.36%) led gains after billionaire investor William Ackman disclosed he had amassed $1.1 billion in equity stakes.
Top Cryptocurrencies
At the time of writing, Bitcoin was up about 3%, Ethereum rose just over 2%, and five other top-ten cryptocurrencies were also trading higher.
The next 20 largest cryptocurrencies by market capitalization were mostly flat at the time of writing, with two notable losers: Terra (-13%) and Cosmos (-9%). Both of those coins quickly retraced recent gains.
Biggest Movers
Most coins in the top 100 gained or lost between 1% and 4% today. The FTX token jumped roughly 5% after news of lucrative partnerships secured by its issuer, the fast-growing FTX crypto exchange.
Gala reversed yesterday’s progress and fell about 10% today, approaching record lows. Over the past month its value has dropped just under 70%.
Convex Finance, a platform that lets users deposit Curve LP tokens to earn Curve trading fees while boosting CRV and CVX yields, lost 14% of its value in the last 24 hours.
Bora finally moved up the top-100 rankings after an 8% gain and now sits at number 86. The coin extended its weekly gain to 20% and is one of the few coins on the leaderboard with a positive weekly return aside from Helium (under 2% gain) and several stablecoins.
Trends
The biggest gainer today is DIFX, the token of the Digital Financial Exchange. DIFX is compatible with Ethereum and Binance Smart Chain, conforms to ERC-20/BEP-20 standards, and is a decentralized token.
DIFX’s value is partly tied to the reputation of its exchange. DFE describes itself as a fully encrypted and insured global trading platform. The token surged about 538% today.
Tectonic is a decentralized money market protocol that allows users to participate as liquidity providers or borrowers. It began rallying after listing on Crypto.com earlier this month and is among today’s larger gainers, up roughly 29% over 24 hours.