Why Altcoins Were Winning This Week
This week was a choppy one for cryptocurrencies. As a group they mostly sank in value initially before rebounding strongly on Friday.As a result, many ended up in positive territory over the course of the week. Prominent altcoins BNB (CRYPTO: BNB) and Sui (CRYPTO: SUI) each recorded gains of roughly 13%. Both were probably somewhat jealous of Litecoin (CRYPTO: LTC), which rose a juicy 22% higher.The major news item dampening the desire for cryptos at the week's kickoff was regarding inflation. On Wednesday, the Bureau of Labor Statistics published its latest update on everyone's least favorite economic indicator. It revealed that the consumer price index (CPI; the "basket" of prices that gauges inflation) rose by 3% in January year over year, and 0.5% month over month. Continue reading
This week was a choppy one for cryptocurrencies. As a group they mostly sank in value initially before rebounding strongly on Friday.
As a result, many ended up in positive territory over the course of the week. Prominent altcoins BNB (CRYPTO: BNB) and Sui (CRYPTO: SUI) each recorded gains of roughly 13%. Both were probably somewhat jealous of Litecoin (CRYPTO: LTC), which rose a juicy 22% higher.
The major news item dampening the desire for cryptos at the week's kickoff was regarding inflation. On Wednesday, the Bureau of Labor Statistics published its latest update on everyone's least favorite economic indicator. It revealed that the consumer price index (CPI; the "basket" of prices that gauges inflation) rose by 3% in January year over year, and 0.5% month over month.
