The global cryptocurrency market unexpectedly came alive on Thursday despite negative inflation data following the release of the US Consumer Price Index (CPI).
News that inflation was back at 8.2% sparked a swift and drastic coin sell-off, with Bitcoin falling to a low of $18,319.82, before an unexpected and massive rally in both the crypto and traditional markets. .
BTC rose to $19,835.17, an 8.2% gain on the low, in 12 hours on a 76% volume increase in the previous day.
As CryptoNews reported on Friday, many Bitcoin traders and analysts are expecting more short-term gains with $21,000 on the line.
The total crypto market saw a 5% surge to $950 billion as volume hit $355 billion, marking only the second time volume has topped $300 billion since early August.
Several altcoins have performed even better:
Ethereum Name Service (ENS)
Ethereum Name Service (ENS) was arguably the best performing coin on Thursday and Friday, hitting highs of $20.25 as trading volume increased by 95% to over $250 million.
ENS is now up 11% in the last 24 hours at the time of writing and almost 12.5% on the seven-day chart.
The price had been as low as $16.18 on Tuesday, October 11, meaning the coin saw a 25% surge at the time.
ENS, which has more than 2 million addresses and a user base of 500,000, could be poised for more profit in the coming weeks.
In late September, Coinbase announced its intention to award ENS domains to users who want simplified transactions.
Buy ENS on eToro
Quant has pulled back a bit, but the QNT token is still up nearly 6% after volume surged 59%.
Its 24-hour high saw the token nearly hit $175, its highest price since January.
Quant has been soaring in recent weeks and is now up almost 20% in seven days, 67% in one month and almost 300% since the June lows.
Quant has continued to push its use in central bank digital currencies (CBDCs) and increased talk of implementing that technology appears to be fueling its growth.
Buy QNT on eToro
Algorand is another sleeping giant, and another CBDC-pegged coin, that has recently found some love after a rocky 2022.
Algorand (ALGO) is one of the most scalable and energy efficient blockchains in existence and its ties to the world’s leading university MIT (its founder is a professor) indicate that it should be well positioned for institutional adoption in the near future.
ALGO saw a big sell-off just after the CPI data was released, falling as low as $0.2887 before rising 14% to $0.3289.
However, it remains down on the seven-day chart.
Buy ANYTHING on eToro
The TAMA token has seen a lot of volatile moves in the past week, but the new project marked two important points on its roadmap this week.
The first 100 Tamadoge NFTs went on sale on OpenSea and became the most trending collection on the site after seeing 258ETH worth of sales.
Investors paid up to 6 ETH for one of the Ultra Rare Pets, which will be at the center of the new play-to-win game based on the 90s Tamagotchi craze.
The project developers also posted screenshots and development images of the secondary game, Enter the Tamaverse, which was very well received in the community as it evoked memories of the popular side-scrolling platformers Mario and Sonic the Hedgehog.
Buy TAMA at OKX