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According to CoinMarketCap data, the altcoin market is recovering alongside Bitcoin, with top cryptocurrencies Dogecoin, Stellar and LUNA up in the last 24 hours.
Bitcoin rose to highs of $44,342 on Jan. 12 following the release of inflation data. The Consumer Price Index rose by 7% throughout the year 2021, the highest since June 1982. Ethereum also rose to highs of $3,420 before retreating slightly to $3,344, where it trades presently.
Cryptotrader cum economist Alex Kruger forecasted before the release of the inflation data, "Tomorrow's inflation (830AM EST) comes in line and the crypto reversal continues. BTC sellers re-engage around 46K, alts enjoy a further upside."
Nearly all cryptocurrencies, especially those in the top 100, such as Solana (SOL, +7.59%), Terra (LUNA, +6.20%), Dogecoin (DOGE, +10.26%) and Stellar (XLM, +5.45%), were up in the last 24 hours, according to CoinMarketCap data.
Stellar's (XLM) recent rise coincides with the news that muxed accounts, a new type of Stellar account that makes it easy to map a single Stellar address to multiple users, went live.
Dog-themed coin Dogecoin is posting double-digit gains, up over 10.18% in the past 24 hours at a present price of $0.171. As U.Today earlier reported, Dogecoin is back on Binance Smart Chain (BSC) whales' radar.
Terra (LUNA) is up in the last 24 hours at a present price of $82, according to CoinMarketCap data. As per a recent announcement by OKEx Exchange shared by Terra Labs co-founder, Do Kwon, Terra UST and USDC are now available on the OKEx staking service.
Upside continuation for altcoins?
Bitcoin (BTC) and altcoins appear to have started a relief rally, according to market experts. The ETH/BTC chart has been showing signs of strength in the last two days, reaching 0.077 sats on Jan. 12.
Further upside moves can then open the path toward 0.08 sats, which might bring about a continuation in the altcoin rallies seen across the board.
The Bitcoin dominance index is another way to estimate the strength of altcoins. Bitcoin dominance has been on a steady decline since topping out at 46.69% on Oct. 10. At the time of publication, the metric stood at 40.03%.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin