- Cryptocurrency prices have done modestly well in the past few weeks.
- Bitcoin price has jumped to $35,000 and formed a bullish pennant pattern.
- Blur, AAVE, Arweave, and Hedera Hashgraph were among the top movers.
Cryptocurrencies were relatively mixed on Tuesday morning. Bitcoin continued to consolidate at the $35,000 level while the total market cap of all cryptocurrencies jumped to over $1.3 trillion.
Blur (BLUR), the token of a popular Non-Fungible Token (NFT) marketplace, was the best-performing coins on Tuesday. It has jumped by more than 17% in the past 24 hours and is now trading at the highest point since July. It jumped by over 125% from the lowest point this year as the volume of NFTs in the ecosystem rose.
AAVE and several other DeFi tokens like Uniswap and Woo Network were also some of the top-performing cryptocurrencies. Aave jumped by over 12% in the past 24 hours as its total volume soared to over $291 million.
DeFi tokens have jumped in the past few weeks as investors have braced on the new crypto bull run. In most periods, the DeFi ecosystem does well when Bitcoin prices are in an uptrend. Indeed, the total value locked (TVL) has jumped to $43 billion. AAVE’s TVL has risen by over 15% in the past 30 days.
Arweave price has also jumped sharply in the past few weeks. The AR token rose to a high of $7.21, the highest point since May and 90% from the lowest level this year. It has grown because of the utility that the network offers. For starters, Arweave provides a storage layer for the blockchain network.
Hedera Hashgraph’s (HBAR) token price has also roared back in the past few months. It jumped to a high of $0.063, which was 40% above the lowest point in October.
These coins have jumped mostly because of the strong performance of Bitcoin, the biggest cryptocurrency in the world. Historical data shows that altcoins like AAVE and Arweave do well when Bitcoin is rising.
The other catalyst for these rallies is that the Federal Reserve has hinted that it will pause its interest rates. In its decision last week, the bank decided to leave interest rates unchanged between 5.25% and 5.50%.
Most analysts expect the bank will leave rates intact and then start cutting them in 2024. Besides, the latest non-farm payrolls (NFP) data showed that the economy added just 150k jobs in October while the unemployment rate jumped. Cryptocurrencies and other risky assets do well in a period of low-interest rates.
