Markets
Crypto Market Watch: GRT, TON and WIF Outperform Top Cryptocurrencies as Market Soars Above $50 Billion
The cryptocurrency market has gained around $50 billion amid a broader recovery that has seen the price of Bitcoin recover after falling to the $60,000 resistance level, now trading above $63,000, while altcoins , including Dogwifhat (WIF) and Toncoin (TON), registered double digits. earnings.
According to available market data, the price of Bitcoin has risen more than 3% in the last 24 hours after falling to $60,000, with net flows from the spot Bitcoin ETF falling after the cryptocurrency fell below the mark. of $58,000 briefly earlier this month.
Although BTC recovered slightly, some altcoins saw double-digit growth, including the meme-inspired cryptocurrency Dogwifhat (WIF), which rose 11%, while the cryptocurrency integrated into the popular Telegram messaging app TON saw a rise of 13. 4%.
These rises come at a time when equity markets have also begun to recover from higher-than-expected unemployment claims in the US, potentially further justifying the country’s central bank, the Federal Reserve, to cut interest rates.
The price of gold, for example, also rose more than 3% last week, while the stock market benchmark, the S&P 500, rose 1.7% ahead of crucial inflation data due to be revealed next week. .
CryptoCompare Data shows that The Graph (GRT) has also increased significantly in the last 24-hour period, rising over 16% to a market capitalization of $2.9 billion, also significantly outperforming leading cryptocurrencies BTC and ETH.
Source: CryptoCompare
Other high-performing players with smaller market capitalizations – and, as a result, less influence on the market – include Pangolin (PNG), which saw its price rise 22%, Akash Network (AKT), which rose 19%, Livepeer (LPT) ), which increased by 17.4%, and Arkham’s ARKM, which increased by 15%.
It is important to note that other digital assets have seen larger increases, but given their smaller market capitalizations and trading volumes, their volatility tends to be higher and, as a result, large price swings are less significant.
Featured image via Pexels.