TAO - Why Altcoins Jumped This Week
2024-07-12 16:37:08 ET
The crypto market came to life this week as investors moved up the risk curve ahead of earnings season. A low inflation reading certainly helped and high-beta stocks and crypto were some of the market's biggest beneficiaries.
According to data provided by S&P Global Market Intelligence , Stacks (CRYPTO: STX) was one of the week's biggest winners, climbing 22.7%. Arbitrum (CRYPTO: ARB) was up as much as 13.7%, and Bittensor (CRYPTO: TAO) rose 13.3% at its peak. The three tokens are up 20.6%, 12.6%, and 8.5% for the week as of 4 p.m. ET on Friday.
The most tangible news item this week was a Consumer Price Index (CPI) reading that showed inflation suddenly stopped in June. According to the Bureau of Labor Statistics, prices were down 0.1% month over month and rose just 3% year over year.
For further details see:
Why Altcoins Jumped This Week