SOL - Why Polkadot Solana and Dogecoin Are Up Big Today
The crypto market has come to life again, at least during trading on Tuesday. Strong earnings reports and a slowing inflation rate are giving investors hope that the Federal Reserve won't keep raising interest rates into 2023. For now, this has caused what's known as a "risk-on" trade in financial markets.
Some of the biggest movers were second-tier cryptocurrencies. Solana (CRYPTO: SOL) is up 10.2% in the last 24 hours as of 4:15 p.m. ET, Polkadot (CRYPTO: DOT) is up 10.9%, and Dogecoin (CRYPTO: DOGE) is up 6.3%.
Interest rates are dropping in reaction to another set of strong earnings reports. U.S. 10-year Treasury bonds are down 17 basis points to 4.08%, Canada's 10-year yield is down 10 basis points to 3.47%, and Mexico is even down six basis points to 9.86%. This is because investors are anticipating that short-term yields may not go as high as previously feared.
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Why Polkadot, Solana, and Dogecoin Are Up Big Today