Thursday, September 29, 2022
HomeCrypto NewsAnalysisMatic Leads Crypto Market Rally After US CPI Data Release

Matic Leads Crypto Market Rally After US CPI Data Release

- Advertisement -
Follow-Us-On-Google-News

The crypto markets show some resilience in the face of record inflation.

The crypto markets on Thursday have staged what appears to be a relief rally, with Matic leading the way after US Consumer Price Index (CPI) data showed that inflation is at 41-year highs.

On Wednesday, the US Labor Department released the CPI data for June, showing that inflation year on year in June had risen by a whopping 9.1% beating the 8.8% estimate. Despite this data release, it is worth noting that the crypto markets have rallied, indicating that the data may have already been priced in.

On Wednesday, Wu Blockchain reported that a false US CPI data report claimed that inflation had risen to 10.2% in June, causing markets to fall.

As the market rallies, Bitcoin has again reclaimed the $20k price point, up 3.39% in the last 24 hours. Ethereum and BNB are up 5.33% and 3.75%, respectively. 

However, Polygon’s Matic leads the way in terms of gains for the top 100 cryptocurrencies by market cap. It is currently up 18.34% in the last 24 hours and 24.02% in the last seven days, trading at the $0.6442 price point.

Notably, it is the second time in less than two weeks that Polygon is leading the markets in terms of recovery. On July 5, The Crypto Basic reported that Matic was leading the market rally following support from HTC mobile.

The latest spike is attributed to the inclusion of the network in Disney’s Accelerator program to build immersive experiences through augmented reality (AR), artificial intelligence (AI), and non-fungible tokens (NFTs).

On-chain data analytics firm Santiment notes that the average Matic trader in the last 30 days is up 28%, the highest since last October. Consequently, Santiment warns that traders may opt to take profit on their positions.

While the crypto market cap remains below the $1 trillion mark, it has shown a 2.95% gain in the last 24 hours. The crypto market cap currently sits at $896.13 billion.

In the last eight months, cryptocurrency prices have tanked as investors remain risk-off due to the hawkish stance of central banks in the face of rising inflation. As a result, the crypto markets have become increasingly sensitive to US CPI data.

- Advertisement -
Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

spot_img