Crypto Kicks Off The Week With Broad-Based Rally
Layer 1 Tokens OutperformMarkets
Crypto markets are building on the momentum from last week, with most top-20 tokens by market capitalization posting gains over the past 24 hours.
ETH is up 2.2% over the past day, according to data from The Defiant Terminal.
Several other Layer 1 tokens are surging, however.
Cardano’s native token, ADA, is up 6%, while Solana’s SOL continues its rebound from its post-FTX low of $TK, having jumped more than 12% in the past 24 hours.
Curve leads among DeFi blue chips, with CRV up almost 14%. MKR, UNI and AAVE are all up around 4%.
The rally comes amid a broader surge in risky assets, according to crypto market maker GSR.
“Risk assets are extending Friday’s gains attributed to slowing wage growth in the U.S. that could foreshadow the end of the Fed’s aggressive tightening cycle,” it wrote in a daily market update.
Indeed, while the S&P 500 declined by a tenth of a percent, the tech-heavy Nasdaq rose 0.6%.