Many altcoins on the crypto market are still resilient after the latest interest rate hike by the US Federal Reserve on Wednesday evening and are continuing their recovery of the last few weeks of trading on Thursday, November 3rd. Despite a rising US dollar index (DXY), which also rose by 2 percent after yesterday’s interest rate hike to four percentage points and tore the US stock market south, the majority of the crypto market is showing its friendly side.
Led by cryptocurrency Arweave (AR), which has surged a remarkable 52 percent in the last 24 hours of trading after announcing an NFT marketplace for mining and trading opportunities on social media platform Instagram, around 10 more of the 100 largest cryptocoins a double-digit price increase. The Altcoin OKB (OKB) of the crypto exchange OK-Cash was also able to increase significantly in value to the north with a 29 percent price increase, followed by the Layer1 solution Fantom (FTM) with a 20 percent increase in value.
The vast majority of altcoins are increasing in value
The NFT platform Flow (FLOW) is also benefiting from the positive news about Instagram and is bullish with a 15 percent price increase this Thursday. With Polygon (MATIC), on whose network the Instagram non-fungible tokens will be created in the future, another outperformer of the last trading months can benefit again and increase by a good 10 percent. The altcoins with double-digit price gains are completed by Algorand (ALGO), which is up almost 10 percent. The official partner of the upcoming soccer World Cup, on whose blockchain soccer NFTs are also published, is likely to also benefit from the news about Instagram. However, the fact that with Filecoin (FIL), The Graph (GRT), the Mina Protocol (MINA), the Internet Computer (ICP) and the Theta Network (THETA) Altcoins from other sectors are also shooting northwards by around 10 percent supports the thesis of one wide-ranging price strength in the altcoin sector. Overall, 83 of the 100 largest cryptocurrencies are loud coingecko.com a price increase in the last 24 hours of trading.
The crypto sector is decoupling from the stock market despite the rising US dollar
Although the classic share indices Nasdaq and S&P500 have corrected around five percentage points since yesterday’s adjustment of the key interest rate, the key crypto currency Bitcoin (BTC) and the most important altcoin Ethereum (ETH) are also able to hold their own with a price discount of one percent and continue their outperformance of the past few weeks. The ongoing reduction in the correlation of the crypto sector from the stock market seems to continue, at least for the time being. The Bitcoin price seems to want to stabilize above the psychologically important USD 20,000 mark for the time being.
Outlook for tomorrow’s trading day
Tomorrow’s publication of the unemployment figures and the announcement of the major labor market report from the USA should be of decisive importance for the timely price development in the crypto space. If the crypto market can also hold its own on the last trading day of the classic financial market this week, further price recovery tendencies for the alternative crypto currencies are conceivable.
If the key cryptocurrency Bitcoin in particular can break out back north above the resistance area around USD 20,400 and target yesterday’s daily high at USD 20,800, the overall market should also benefit.
The restraining price strength of many cryptocurrencies can be seen with a view to the total market capitalization. Since the last overall market analysis at the beginning of the week, the market capitalization of all cryptocurrencies has remained almost unchanged at currently 963 billion US dollars. For comparison, on Wednesday alone, the US stock market lost more than USD 860 billion in value:
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.
The chart images were created using TradingView created.
USD/EUR exchange rate at the time of going to press: EUR 1.02.
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