Top Crypto: Bitcoin Leads Broader Altcoin Rally – Nairametrics

   2022-06-26 10:06

Bullish price action returns to the cryptocurrency market alongside the US stock market as Bitcoin’s 16.54% rally, saw the altcoin market post gains as high as 90% in course of the last seven days.

Although we have seen some bullish price action over the week, sentiment in the cryptocurrency market still remains bearish due to dovish US inflation data which triggered a hike in the Reserve rate. US Federal. The Fed, through its chairman, announced an interest rate hike of 75 basis points (0.75%) in an effort to bring the ever-higher inflation rate under control. This is the largest increase in the United States since 1994.



Besides the United States, the Swiss National Bank surprised the market by raising its key rate by 50 basis points. Additionally, during the week, the Bank of England raised its interest rate, rising for the fifth consecutive time by 25 basis points. These actions by central bankers still leave a stain of bearish sentiment for the cryptocurrency market, as Glassnode’s on-chain data still shows minimal market participation from a year ago.

The market rally also came despite the $100 million hack of the Harmony Network which also caused fear in investing in the market. This is why many are calling the current uptrend a dead cat bounce, a term used to describe short-term bullish action that is followed by a deep and intense market selloff.

Here is a look at the top five winners of the top 100 cryptocurrencies by market capitalization:

Top 5 winners

  • Compound (COMP) 91.88%
  • Synthetix (SNX) 89.43%
  • Storj (STORJ) 86.68%
  • Polygon (MATIC) 78.89%
  • STEPN (GMT) 76.50%

There are no losers for the week as the top 100 tokens saw all position price action during the week under review.

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