Crypto Market Watch: GRT, TON, and WIF Outperform Leading Cryptocurrencies As Market Rises Over $50 Billion

The cryptocurrency market has gained around $50 billion amid a wider recovery that has seen the price of Bitcoin bounced back after dropping to the $60,000 resistance level to now trade above $63,000, while altcoins including Dogwifhat (WIF) and Toncoin (TON) saw double-digit gains.

According to available market data the price of Bitcoin rose over 3% over the last 24-hour period after dropping to $60,000, with spot bitcoin ETF net flows dropping after the cryptocurrency dropped below the $58,000 mark briefly earlier this month.

While BTC recovered slightly some altcoins saw double-digit growth, including the meme-inspired cryptocurrency Dogwifhat (WIF), which rose 11%, while the cryptocurrency integrated into the popular messaging app Telegram TON saw a rise of 13.4%.

These rises come as equities markets also started rebounding over higher-than-expected applications for unemployment in the US, which potentially further make the case for the country’s central bank, the Federal Reserve, to cut interest rates.

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The price of gold, for example, has moved up over 3% over the past week as well, while the stock market’s benchmark index, the S&P 500, rose 1.7% ahead of crucial inflation data that’s set to be revealed next week.

CryptoCompare data shows that The Graph (GRT) has also surged significantly over the last 24-hour period, moving up over 16% to a $2.9 billion market capitalization, also signifcantly outperformign leading cryptocurrencies BTC and ETH.

Other top performers with smaller market capitalizations – and as a result, a smaller influence on the market – include Pangolin (PNG), which saw its price rise 22%, Akash Network (AKT), which rose 19%, Livepeer (LPT), which saw a 17.4% rise, and Arkham’s ARKM, which moved up 15%.

It’s worth noting that other digital assets saw larger increases, but given their lower market capitalizations and trading volumes, their volatility tends to be larger and as a result, large price swings less meaningful.

Featured image via Pexels.

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• Source: https://www.cryptoglobe.com/latest/2024/05/crypto-market-watch-grt-ton-and-wif-outperform-leading-cryptocurrencies-as-market-rises-over-50-billion/