Cryptocurrencies rallied on July 30 as risk aversion eased, with tokens such as Internet Computer, Filecoin, Yearn Finance, Woo, Immutable X, and BTCST leading gains. Bitcoin rallied as much as 6% to reach an intraday high of $24,676. Its monthly gain of over 20% remains the largest since October 2021.
The broader cryptocurrency market, meanwhile, continued to gain from traders reducing their bets on Federal Reserve hikes after a dismal economic reading stoked worries of a US recession. This year, the Fed’s efforts to curb inflation have alarmed cryptocurrency investors as the central bank has increased interest rates, scaring them away from riskier investments like cryptocurrencies.
“Market is outperforming right now on macro outlook,” said Katie Talati, director of research at Arca. “Many are now speculating that the Fed will take a more dovish stance and will slow any further rate hikes for this year.”
At the time of publication, Bitcoin was changing hands at $23,926, as cryptocurrencies trimmed earlier gains.
Internet Computer, Filecoin, Yearn Finance, Woo, Immutable X Rise 20% to 40%
Altcoins can occasionally outperform Bitcoin during risk-on stretches, although they can be significantly more volatile on the way down and tend to incur higher losses during difficult periods. At the time of publication, a number of alternative coins (Altcoins), including Internet Computer, Filecoin, Yearn Finance, Woo, and Immutable X, saw gains between 20 and 40 percent. Also, the Bitcoin standard hashrate token (BTCST) is up 108% in the last 24 hours and 208.22% weekly.
BTCST is collateralized by Bitcoin’s (BTC) hashrate, with each token representing 0.1 TH/s of Bitcoin mining power at an efficiency of 60 W/TH. As such, miners contribute their computational power to the platform in exchange for newly minted BTCST tokens.
Onchain Analytics Firm, Santiment speaks on Yearn Finance’s (YFI) latest move: “YearnFinance’s price has rebounded back above $10,000 for the first time since May 16th as the DeFi asset has decoupled from the altcoin pack. Keep an eye on the addresses holding $1 million or more in YFI, as there have been declines in their holdings’’.
Filecoin received a positive boost as LeewayHertz, a global leader in delivering next-generation Web3 and blockchain development services, recently announced that the company has partnered with Protocol Labs to build a range of Filecoin networks retrieval monitoring solutions. Internet Computer (ICP), another major gainer recently surpassed the 1 billion blocks milestone in mid-July.
