Market highlights January 12: Cryptos in the green, US stocks rise as investors await CPI data
The crypto market was higher over the past 24 hours, as the majority of top 10 cryptos were in the green at time of writing. US stocks marched higher yesterday after Federal Reserve chairman Jerome Powell reiterated his warning that rates will have to rise this year.
The confirmation that the Fed is serious about tackling inflation was well received by investors, with the NASDAQ100 (+1.47%), SPX500 (+0.92%) and DJ30 (+0.51%) all finishing higher yesterday.
Energy stocks dominated the SPX500’s risers table following a sharp increase in the price of oil.
Investors will be closely following the monthly Consumer Price Index (CPI) and Core CPI data, set to be released today at 13:30 GMT.
Top cryptos
Bitcoin climbed around 1%, trading above $42,000 at time of writing. Ethereum was up around 4%, and Cardano and XRP registered gains of around 5% and 2%, respectively. Closing out the top 10 list was Polkadot, which registered gains of around 10%.
Avalanche, the 11th biggest coin in the ranking, has gained 11% today, trading for just over $90. It surpassed both Dogecoin and Shiba Inu by market cap and looks set to pass $100 soon.
NEAR Protocol’s native token NEAR is the biggest winner in the top 20 this week. The 19th ranking coin gained 7% in the last 7 days, more than every other coin in the top 20, and added 10% to its value just today.
Top movers
After correcting the recent pullback, Fantom has embarked on a relentless bullish trend thanks to a list of recent events. First, it was the news of Movr Network integrated Fantom into FundMovr and then the currently ongoing FantomLive IDO on DAOStarter. It has gained 20% in the last 24 h.
Oasis Network (ROSE), a privacy-focused layer 1 blockchain built for open finance and a responsible data economy using the Cosmos SDK, is up 19%.
Secret is the native coin of Secret Network, a blockchain with data privacy for smart contracts by default, allowing you to build and use applications that are both permissionless and privacy-preserving.
This functionality protects users, secures applications, and unlocks hundreds of never-before-possible use cases for Web3. It has gained 18% in the last 24 h.
The Sandbox, Kadena, and Bora all gained 14% today. Bora is up to 96th. Yesterday, it was barely staying afloat at 100.
Harmony, the 42nd largest coin by market cap, is one of today’s big winners too. It has gained more than 13%. Celo gained just under 13%. OMG Network and Livepeer are also up 13%.
The price of metaverse token GALA gained 700% last November, after which it fell with a series of declining highs. Now, it’s starting to reverse some of its losses. It has gained 12% today. Arweave is also up by 12%.
Other strong performers include Enjin Coin with +11% and Stacks and THORChain, both with +10%. The live Kusama price today is $272 with a 24-hour trading volume of $114.4 million. It is up 9.71% in the last 24 hours.
Trending
Bombcrypto is a classic play-to-earn game where players can buy bomber heroes and participate in exciting game modes. The game has 3 game modes: Treasure Hunt – Autoplay, Story Mode, and PVP. It is trending as Bomber Coin.
The price of its token, BCOIN, is $3.24 today. Bomber Coin is up 30% in the last 24 hours.
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