Why Altcoins won this week

This week, Cryptocurrencies was uneven. As a group, they first sank most of the value before they strongly rebounded on Friday.

As a result, many people ended with positive territory for a week. Prominent Altcoins Bnb (Bnb -2.30%)) and Sui (Sui 0.48%)) Each recorded a 13%profit. Both were probably somewhat jealous lighting (LTC 2.18%))This was 22% more juicy.

Bad news and good news

The main news item that weakens the desire for encryption in this week’s kickoff is about inflation. Wednesday, the Labor Statistics Bureau announced the latest updates for the economic indicators that everyone favored. The consumer price index (CPI; “Basket” at the price of inflation was found to have risen by 3% in January and 0.5% per month compared to the previous year.

This was higher than expected by many economists, and the latter is the highest number since August 2023.

Inflation is an appraiser for many investment, especially cryptocurrency. In the age of inflation, people tend to plow money with “safety” and assets to keep their assets as safe as possible. In so, they often play dangerous play in the portfolio, and even the most popular digital coins and tokens are considered relatively high. So investors traded in encryption in the news.

But not so fast! As a week approached, several tail winds flew to this sector to overturn the downward trend. One was the result CoinbaseWe reported 4/4 and 2024 annual income on Thursday.

If the best encryption exchange operator says that this crushes this with the headline, it will greatly underestimate the case. The quarterly sales of $ 2.3 billion accounted for $ 1.6 billion in consensus analyst estimates, and net profit of $ 4.68 per week recorded Punditry’s $ 3.32 group project. Until this year, there was clear interest and activity in Crypto.

Industry game

Other places in the field of business in all businesses Game tower It was a cryptocurrency booster on Friday. CNBC quoted a “unnamed” source that was not used to this problem and reported that the company is refusing to invest in encryption. It is included here but may not be limited. BitcoinIt is part of an extensive strategy invested in alternatives and irregular assets.

Nobody could predict a lot of such events and a lot of fluctuations in cryptocurrency. However, if it is calm next week, some investors can see some full backs as some investors have recently sold their profits and booked their profits.