The crypto market has been higher in the last 24 hours with the majority of the top 10 cryptocurrencies in the green at the time of writing. The UK100 Index rose 0.81% yesterday to its highest level since December 2019.
Inflation in the United States has reached 7%, its highest level in 40 years. The latest reading is in line with analyst expectations, with auto, furniture, energy and food prices driving much of the rally. Taking into account the inflation news, 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 is up about 2%, trading above $43,000, while Ethereum and XRP are up about 3% each. Cardano posted its first substantial gain in a while, up nearly 8% today. It is trading at $1.30 and has a 24-hour trading volume of just over $2 billion.
Dogecoin has had a somewhat unexpected bullish trajectory. It’s working fine after whales bought it in bulk yesterday. Today it has added 12% to its value.
Shiba Inu stock is also up 12%, but the reason is a Robinhood subscription rumor. This is not the first time such a rumor has appeared. Shiba Inu’s rise in October 2021 may be due to the same rumor.
Harmony continues to emerge. It gained 13% in the last 24 hours and 29% in the past week. Oasis Network is also trending with a 13% gain today.
The price of Monero, which allows transactions to be conducted privately and anonymously, is up 10% today.
The 1-inch network, which standardizes decentralized protocols and enables profitable, fast, and secure operations in the DeFi space, has also added 10% to its value.
Zilliqa briefly returned to the top 100 coins by market cap 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 gaming products based on the blockchain. It is affected by upside trends affecting some of the other gaming icons, adding 9% to its value today.
Another winner is XDC, the original coin of XinFin, an enterprise-ready hybrid blockchain technology company optimized for international trade and finance. Today it is up 9%.
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 upward trajectory. It’s up 7% today, bringing its 7-day growth rate to 10%.
Stellar Lumens, an open network that helps move and store money, is up about 7% today.
PAPPAY is another day’s biggest winner. Today it has added 900% to its value. PAPPAY is a payment tool that provides its owners with passive income. It enables safe, easy and fast online payment, including e-commerce payments. It generates 1% of passive income and gives developers access to the API.
GamingShiba token is the most popular on CoinMarketCap. This cryptocurrency, which describes itself as the link between gamers, streaming platforms, NFTs, and the Metaverse, has grown by 61% in the past 24 hours.