Altcoins Lead Charge as Bitcoin Regains $78K
Bitcoin regained its strength above $78,000, but the real story lies in the altcoins. According to CoinMarketCap data, out of 45 non-stablecoin and non-gold crypto assets, 31 gained more than 5% over 24 hours, with 14 posting double-digit increases.
The largest gainers among top-ranked assets were Uniswap (33%), Arbitrum (27%), and NEAR (27%). Other notable movers included Worldcoin, MemeCore, Polkadot, Sky, Hyperliquid, Ondo, Sui, Bitcoin Cash, Ethena, Aave, Bittensor, Zcash, Canton, Cardano, Monero, Pump.fun, Internet Computer, Shiba Inu, Ethereum Classic, Pepe, Chainlink, Mantle, Solana, Dogecoin, Avalanche, and Litecoin.
The market's shift toward altcoins can be attributed to lower macro pressure following the Federal Reserve's latest rate increase. As oil prices retreated, US government bond yields fell, and equities recovered, risk assets gained some relief.