AR - Why Crypto Altcoins Popped This Week
The crypto bulls were back out in force this week as altcoins across the industry bounced higher. According to data provided by S&P Global Market Intelligence , Fantom (CRYPTO: FTM) popped 33.5% from last Friday's end of trading to noon ET today, Arweave (CRYPTO: AR) was up 20.5% in that same period, and Decentraland (CRYPTO: MANA) jumped 14.2%. This was even after a pullback in crypto values early in trading on Friday.
The Federal Reserve was driving risk assets higher in trading this week. The short-term Treasury bill's interest rate was only increased by 25 basis points, and officials indicated that future increases might not happen as quickly as once feared.
Investors are concerned about interest rates because that's how they discount cash flow, particularly for stocks. Lower rates put a higher value on long-term cash flows, which pushes stock values higher. Crypto has traded in a manner correlated with growth stocks, so it's no surprise that both are up this week.
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Why Crypto Altcoins Popped This Week