Major coins were seen trading higher on Monday evening as the global cryptocurrency market cap rose 1.3% to $850 billion.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
|Curve DAO Token (CRV)||+13.6%||$0.65|
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Why It Matters: Bitcoin, Ethereum, and Dogecoin were in the green as investors found appetite for tech shares, which led to the Nasdaq closing higher for a second consecutive session. At the time of writing, U.S. stock futures were down.
On Monday, a survey released by The Federal Reserve Bank of New York’s Center for Microeconomic Data indicated that short-term or one-year inflation expectations continued to decline.
The data came ahead of the issuance of the latest CPI data, which will be released during Thursday’s pre-market session. Federal Reserve Chair Jerome Powell is also expected to make a speech on Tuesday in Stockholm, Sweden.
Bitcoin is rejecting an important level as Powell’s speech approaches, noted Michaël van de Poppe. The trader said that Bitcoin will probably sweep towards $17,100 before another bounce towards $17,500 for “bearish divergence.”
The cryptocurrency trader said there’s “good volatility” on the apex coin.
Justin Bennett said he observed “beautiful stair-step action” on Bitcoin so far in 2023. The trader pointed out that Bitcoin retested $16,700 last week and held above $16,900 over the weekend and was about to test $17,300.
“Wall Street is pricing in the Fed to be one and done with tightening and possibly cutting rates at the end of the year,” said Edward Moya, a senior market analyst at OANDA.
“Cryptos are rallying today, but BNB, Cardano, Solana, MATIC, and Polkadot are easily outperforming Bitcoin and Ethereum,” said Moya. SOL soared 11% to $16.43 over a 24-hour period at the time of writing.
“Solana was a casualty of the collapse of FTX and Alameda Research. Everyone knew Solana had deep financial ties with FTX, so it was no surprise that the SOL prices collapsed. Solana was supposed to be the Ethereum killer and it still has a chance if it can survive this dark period.”
Marcus Sotiriou, a market analyst with GlobalBlock, noted that Solana is performing well after the non-fungible token community united following the exit of the two most valuable NFT projects — DeGods and Y00ts — which have moved to Ethereum and Polygon (MATIC) respectively.
“This shows the resilience of the Solana NFT community, providing optimism for SOL token holders. A meme coin, BONK, was airdropped to many Solana NFT communities, excluding DeGods and y00ts, and climbed almost 50x in the space of a week, which further united the Solana NFT community,” said Sotiriou.
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