The cryptocurrency market has gained around $50 billion amid a wider recovery that has seen the price of Bitcoin bounced back after dropping to the $60,000 resistance level to now trade above $63,000, while altcoins including Dogwifhat (WIF) and Toncoin (TON) saw double-digit gains.
According to available market data the price of Bitcoin rose over 3% over the last 24-hour period after dropping to $60,000, with spot bitcoin ETF net flows dropping after the cryptocurrency dropped below the $58,000 mark briefly earlier this month.
While 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 messaging app Telegram TON saw a rise of 13.4%.
These rises come as equities markets also started rebounding over higher-than-expected applications for unemployment in the US, which potentially further make the case for the country’s central bank, the Federal Reserve, to cut interest rates.
The price of gold, for example, has moved up over 3% over the past week as well, while the stock market’s benchmark index, the S&P 500, rose 1.7% ahead of crucial inflation data that’s set to be revealed next week.
CryptoCompare data shows that The Graph (GRT) has also surged significantly over the last 24-hour period, moving up over 16% to a $2.9 billion market capitalization, also signifcantly outperformign leading cryptocurrencies BTC and ETH.
Source: CryptoCompare
Other top performers with smaller market capitalizations – and as a result, a smaller influence on the market – include Pangolin (PNG), which saw its price rise 22%, Akash Network (AKT), which rose 19%, Livepeer (LPT), which saw a 17.4% rise, and Arkham’s ARKM, which moved up 15%.
It’s worth noting that other digital assets saw larger increases, but given their lower market capitalizations and trading volumes, their volatility tends to be larger and as a result, large price swings less meaningful.
Featured image via Pexels.
