Blue-chip cryptocurrency markets are mostly higher on Thursday as the crypto market benefits from macro tailwinds with US stocks pushing higher and US government bond yields and the US Dollar Index (DXY) dumping. The latest moves in traditional asset classes come as investors bet aggressively that the Fed will start cutting interest rates in early 2024 in wake of Wednesday’s dovish Fed policy announcement. That has helped crypto prices recover back into the green from a brief but sharp mid-session dip which was seemingly triggered at the time by the release of stronger-than-expected US retail sales data. Bitcoin was last trading just to the north of $43,000, with bulls eyeing a retest of yearly highs nearly $45,000, up just over 0.5% in the past 24 hours. Ether (ETH), meanwhile, was up around 1.8% over the same time period and just under $2,300, while Solana (SOL), XRP (XRP) and Dogecoin (DOGE) were all trading in the green. Avalanche is a notable underperformer, with the cryptocurrency suffering as a result of profit-taking in wake of its recent strong gains. While the outlook for major cryptos is positive into the year’s end, traders looking to turn quick exponential profits will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets.
“The latest moves in the crypto market demonstrate how closely it is tied to the performance of traditional asset classes. As investors anticipate a potential interest rate cut by the Fed, we are seeing a positive impact on crypto prices.” – Crypto Analyst
Here are some of the best performing low cap coins on the Decentralized Finance (DeFi) industry’s largest decentralized exchange (DEX) Uniswap on Thursday.
