Market highlights February 11: Inflation spooks investors, cryptos to finish the week strong
Despite most cryptos being in the red over the past 24 hours, it has been a very positive week overall. Inflation has risen to 7.5%, a higher-than-expected jump in the measure of price rises.
The NASDAQ100 fell 2.24% while the SPX500 was down 1.78% and the DJ30 fell 1.46%. The UK100 rose yesterday, popping late in the session on the back of US inflation numbers.
After cracking $90 for the first time in more than 7 years last Friday, oil has shown a correction this week, registering losses nearly every day.
Top cryptos
Bitcoin fell more than 1.5% since yesterday but will finish the week with gains of more than 10% as of time of writing. Despite retracting nearly 4% over the past 24 hours, Ethereum has also climbed around 10% over the past 7 days.
Leading the top 10 this week was XRP, with gains of more than 30% since last Friday. Today, Polygon, Solana, and XRP are all down by around 6%.
Top movers
Theta Network has been rallying since the beginning of the month, when Resorts World Las Vegas announced they were launching utility NFTs on it in a first of its kind event involving a major Las Vegas casino.
It is also gathering momentum for the large number of patents it is filing, the latest one of which they filed today. It was up 13% at the time of writing.
The live IoTeX price today is $0.12, rallying on developments in the IoT space. IoTeX’s native token IOTX has been trending the whole week and gained 10% in the last 24 hours.
At #98, Audius, a decentralized music streaming protocol, is currently trading for $1.26 with a 24-hour trading volume of $60.8 million. Audius is up 7% today. Livepeer, closing out the top 100, also added 7% to its value. Ethereum Classic continues to rally with gains of 5%.
Other than those, the situation looks bearish in the top 100. Most coins have lost between 3 and 6% today. Gala and THORChain are both down 8%, Kadena has lost 9%, and Convex Finance has shed 11% of its value. Arweave lost 9% and Waves 10%, both reversing yesterday’s gains.
Trending
MetaPay is trending again and has added 711% to its value today. You can use the token to shop in the Metaxion metaverse. With MetaPay, users can sell the parcels and avatars they buy in the metaverse.
The post Market highlights February 11: Inflation spooks investors, cryptos to finish the week strong appeared first on Coin Journal.
