With regard to the stock market, especially stocks of large technology companies, the cryptocurrency market felt positively the speech of Jerome Powell, Chairman of the Federal Reserve (Fed), the US Central Bank, which he made during a forum promoted by the Swedish Central Bank last Tuesday (10 ), he appeared to be less severe with regard to the new interest rate increase of the largest economy in the world, which is scheduled for the beginning of February.
Following the indices of major global stock exchanges, the cryptocurrency market moved by $858 billion (+0.68%) on Wednesday morning (11) while bitcoin (BTC), considered a kind of compass for the sector, traded just over $17,400 (+1.23). %) and captured 39.2% market dominance.
Overall, Powell didn’t say much about the institution’s monetary policy, though he did highlight the importance of the Fed’s independence in fighting inflation. On the other hand, analysts are already working with the idea that the US interest rate should move from 4.5% per annum to 5.5%, which has fueled hopes for a less painful “hammer” among investors. In February, between 0.25% and 0.50%.
Although cryptocurrency investors have followed the traditional market optimism, many analysts still note that caution is required, as next Thursday the US Department of Labor is expected to announce (12) inflation- and unemployment-related indicators for December, a statement that could serve to bolster Investors euphoria or dump a bucket of cold water, in case the numbers reveal that inflation continues to spurt and the job market heats up.
Most of the major cryptocurrencies by market capitalization felt the price is progressing positively. ETH was valued at $1,335 (+0.43%), BNB was valued at $278 (+0.83%), XRP was priced at $0.36 (+4%), and DOGE was at $0.077 (+0.63%). ) and MATIC was bought at $0.86 (+1.48). %).
In terms of high double digits, VGX is trading at $0.42 (+36%), AJEX is valued at $0.087 (+28%), FET is valued at $0.18 (+28%). 21%), ILV traded at $47.48 (+11.4%), ERG was traded at $1.65 (+16%).
One of the highlights was Unknown Artificial Intelligence (ALI), at $0.024 (+82%) which saw a 158% increase in the last seven days.
Seven-day ALI/USD chart. Source: CoinMarketCap
Ranked 396th by market capitalization, at just over $38.8 million USD, the project, developed by Alethea AI, presents itself as an intelligent metaverse by exploring the construction of a “decentralized protocol that will allow the creation of interactive and intelligent protocol-scalable tokens.” of fungi (NFTs). However, it was not possible to identify a specific factor that could be related to the emergence of ALI, except for the involvement of the project promoters with the community and some speculation regarding the listing of the token on major exchanges.
Another token on the crypto community’s radar in recent days, XTP is trading at $0.0065 (-13%) and is up 2,311% over the past seven days.
XTP/USD seven-day chart. Source: CoinMarketCap
This project can also be considered small, as it ranks 770th in the ranking with a capital of just over 8.1 million USD, representing the fintech Tap Global application that aims to trade cryptocurrencies and provide Mastercard to the residents of the region. European Union (EU) and United Kingdom, for international purchases. Last Tuesday, XTP printed a daily high of 170% after TAP Global listed in London, as reported by Cointelegraph Brasil.