Altcoin Market Surges Despite Fed Hike, CLARITY Act Setback
The altcoin market has staged a broad rally despite recent headwinds from the Federal Reserve's interest rate hike and the Senate's failure to advance the CLARITY Act.
A total of 294 out of the top 300 tokens by market capitalization rose, with only six falling, according to data from CoinMarketCap. The simple average weekly gain among those tokens exceeded 20%.
Larger-cap altcoins such as Near (NEAR), Bitcoin Cash (BCH), and Uniswap (UNI) also posted strong gains, climbing by 88.5%, 63.5%, and 63.4% respectively. Other notable gainers include Aptos (APT), Arbitrum (ARB), and Avalanche (AVAX).
The rally is attributed to a combination of factors including the launch of UNI and BCH futures by CME, the SEC's easing of tokenized stock rules, and growing AI and privacy themes.