VET - Why Altcoins Like BNB and Internet Computer Surged Higher This Week
2023-12-23 00:16:42 ET
While it's dangerous to believe that any rally will continue indefinitely, investors were surely getting that impression with cryptocurrencies this week. So many notched double-digit percentage gains, it was almost as if anyone could put on a blindfold, point to a name, and grab a sharply appreciating asset.
A great many altcoins would have done the job. According to data compiled by S&P Global Market Intelligence , for example, BNB (CRYPTO: BNB) booked a weekly gain of 10%, while Hedera (CRYPTO: HBAR) edged past it with a 11% rise. Not to be outdone, VeChain (CRYPTO: VET) zoomed nearly 20% higher and Internet Computer (CRYPTO: ICP) defied gravity at an almost 30% clip.
The rally continues to thunder along largely because there's nothing stopping it. Much of this has to do with macroeconomic factors, chiefly dwindling inflation and the prospect it opens for interest rate cuts.
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Why Altcoins Like BNB and Internet Computer Surged Higher This Week