Top Crypto Performers Today – August 1 – AIOZ, AAVE, HNT
As blue-chip cryptocurrency markets remain subdued despite growing tailwinds from traditional asset markets, traders hunting for top crypto performers today are turning to smaller and lesser-known altcoins that might be able to deliver strong gains.
AIOZ Network (AIOZ), Aave (AAVE) and Helium (HNT) are the three best-performing cryptos in the top 100.
Major cryptos like Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), meanwhile are nursing losses.
As per CoinMarketCap, these cryptos are down 3-7% in the past 24 hours.
Major cryptos are struggling despite the Fed indicating at Wednesday’s meeting that a cut could be coming in September.
The US ISM Manufacturing report released on Thursday supported the rate cut narrative, and the Bank of England also cuts rates for the first time.
That has sent US yields to their lowest levels since early 2024 and helped support a powerful rebound in US equities.
The yield on the US 10-year government bond is trading below 4% as several drivers continue to come together including:
High market expectations that a September Fed rate reduction will be part of a notable cutting cycle;
Higher-than-expected weekly jobless claims adding to… pic.twitter.com/b5LIezWoWP
— Mohamed A. El-Erian (@elerianm) August 1, 2024
However, major cryptocurrencies failed to partake in the rally. The overhang of supply from the US government (who recently saw large wallet movements), Mt Gox creditors, and Grayscale’s Ethereum ETF appears to dampen market sentiment.
Concerns about escalation between Iran and Israel are likely also weighing on the crypto market.
IRAN ASSESSING VARIOUS MEANS OF REVENGE AGAINST ISRAEL: ISNA
— *Walter Bloomberg (@DeItaone) August 1, 2024
In times of geopolitical strife, investors tend to flock to
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