Layer 1 Tokens Outperform
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.
BTC Price + ETH Price, Source: 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.
ADA Price + SOL Price, Source: The Defiant Terminal
Curve leads among DeFi blue chips, with CRV up almost 14%. MKR, UNI and AAVE are all up around 4%.
CRV Price + UNI Price + AAVE Price + MKR Price, Source: The Defiant Terminal
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%.