Bitcoin has clawed its way back above US$40k at the time of writing. And that’s on a day fresh Consumer Price Index figures revealed US inflation is at a 41-year high.
According to the April CPI data published by the US Bureau of Labor Statistics, the US annual inflation rate has risen to 8.5 per cent, increasing by 1.2% since March.
Market participants were largely expecting an increase in this sort of vicinity, which might be why equities/stonks and crypto have actually recovered some ground today.
Still looming, however, is the US Federal Reserve’s next interest-rate-hiking, economy-tightening response amid increased speculation of a global recession.
It’s a US-economy-driven menagerie of cats vs mice and bulls vs bears – an uncertain narrative that’s likely to keep crypto investors on their toes for some time yet.
Top 10 overview
With the overall crypto market cap at about US$1.97 trillion, up about 0.2% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
High-speed layer 1 blockchain Solana (SOL, +4.4%) is the standout performer in the majors, and that’d be because it’s one of four assets to be listed by the popular stonks-trading (and crypto-trading) platform Robinhood.
And yep, those other three: DeFi blue chip Compound (COMP, +7%); Layer 2 Ethereum sidechain Polygon (MATIC, +5%); and dog-meme coin Shiba Inu (SHIB, +18%) are all faring particularly well today, too.
Meanwhile, can Bitcoin (BTC) continue back up from here in the short term? Dutch trader Michaël van de Poppe’s in a mind to think so…
Uppers and downers: 11–100
Sweeping a market-cap range of about US$19.5 billion to about US$1 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
DAILY PUMPERS
• Shiba Inu (SHIB), (market cap: US$14.9 billion) 18%
• Synthetix (SNX), (mc: US$1.1 billion) +8%
• ApeCoin (APE), (mc: US$3.2 billion) +6%
• Near Protocol (NEAR), (mc: US$11 billion) +5.5%
• Polygon (MATIC), (mc: US$9.8 billion) +5%
DAILY SLUMPERS
• Zilliqa (ZIL), (mc: US$1.56 billion) -10%
• STEPN (GMT), (mc: US$1.3 billion) -9%
• Mina Protocol (MINA), (mc: US$1.1 billion) -6%
• Convex Finance (CVX), (mc: US$1.7 billion) -5%
• Zcash (ZEC), (market cap: US$1.8 billion) -4%
Uppers and downers: lower caps
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
DAILY PUMPERS
• Metal (MTL), (market cap: US$149 million) +50%
• PARSIQ (PRQ), (mc: US$58m) +29%
• JPEG’d (JPEG), (mc: US$91m) +28%
• Bitrue Coin (BTR), (mc: US$122m) +26%
• MATH (MATH), (mc: US$58m) +20%
DAILY SLUMPERS
• ICHI (ICHI), (mc: US$54m) -81%
• Cult DAO (CULT), (mc: US$103m) -20%
• Onston (ONSTON), (mc: US$55m) -10%
• TitanSwap (TITAN), (mc: US$300m) -9%
• Concordium (CCD), (mc: US$69m) -9%
Around the blocks
Crypto Twitter is a hive of activity today, as per. Here’s a handful of tweets that made us briefly stop in our scrolling tracks…
A Punk on sale for 2,900 ETH? At the current price, that’s almost US$8.8 million. Seems a tad ambitious in this current market. Still… one (#5822) did sell for about US$23.7 million a couple of months ago…