The crypto market was higher in the past 24 hours as the majority of the top 10 cryptos were in the green at the time of writing. The UK100 rose 0.81% yesterday to its highest level since December 2019.
Inflation in the United States reached 7%, its highest level in 40 years. The latest reading is in line with analysts’ expectations, with car, furniture, energy and food prices driving much of the surge. Taking the inflation news in their stride, all three major US indexes rose yesterday.
Investors will closely watch the monthly Producer Price Index (PPI) data, which is expected to be released today at 13:30 GMT.
Bitcoin climbed around 2%, trading above $43,000, while Ethereum and XRP rose around 3% each. Cardano posted its first more substantial gains in a while, up almost 8% today. It trades at $1.30 and has a 24-hour trading volume of just over $2 billion.
Dogecoin had a somewhat unexpected bull run. It is doing well after whales bought it in particularly large quantities yesterday. Today it has added 12% to its value.
Shiba Inu is also up 12%, but the reason is a rumored Robinhood sign-up. This is not the first time such a rumor has surfaced. Shiba Inu’s October 2021 spike may be due to the same rumor.
The advent of harmony continues. It has gained 13% over the past 24 hours and an impressive 29% over the past week. Oasis Network is also trending with gains of 13% today.
Monero, which allows transactions to take place privately and anonymously, is up 10% today.
1inch Network, uniting decentralized protocols and enabling lucrative, fast and secure operations in the DeFi space, also added 10% to its value.
Zilliqa was briefly back in the top 100 largest coins by market capitalization with gains of just over 10% in the past 24 hours.
Enjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected blockchain-based gaming products. It is impacted by bullish trends affecting some other gaming tokens, adding 9% to its value today.
Another winner is XDC, the native coin of XinFin, an enterprise-ready hybrid blockchain technology company optimized for international trade and finance. It is up 9% today.
Velas, the world’s fastest EVM blockchain with speeds of up to 75,000 tx/s, has gained 9% in the past 24 hours.
Fantom continues its bull run. It is up 7% today, bringing its 7-day growth to 10%.
Stellar Lumens, an open network that helps move and store money, was up around 7% today.
PAPPAY is the biggest winner yet another day. Today it has added an impressive 900% to its value. PAPPAY is a payment tool that provides holders with passive income. It enables safe, easy and fast online payments, including e-commerce payments. It generates 1% passive income and gives developers access to an API.
The GamingShiba token is the top trending on CoinMarketCap. This cryptocurrency, which describes itself as the nexus between gamers, streaming platforms, NFTs and the Metaverse, has grown 61% in the past 24 hours.