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Injective (INJ), Bitcoin (BTC), Wrapped Bitcoin (WBTC), Filecoin (FIL), and Stacks (STX) are all trending tokens today after their prices experienced significant price jumps over the past 24 hours of trading, according to CoinMarketCap. As a whole, the global cryptocurrency market cap rose by over 8%, which left it standing at $1.27 trillion at press time.
Injective (INJ)
INJ was ranked as the top trending token after its price was able to climb by about 17.10% throughout the past day. This meant that the altcoin was trading at $11.14 after it was able to set a high price of $11.69.
It seems like INJ’s price success was mostly due to positive market reactions towards a new product feature on the Injective decentralized exchange (DEX). The “pre-launch” trading feature allows traders using Injective’s native DEX to engage in speculative trading of tokens that have not yet been officially launched or listed on exchanges.
Bitcoin (BTC)
The cryptocurrency king also turned heads with its 10+% price surge, which left it trading at $33,905.39. BTC was even able to climb above $34K in the past 24 hours. As a result of its price rise, BTC’s weekly performance was pushed up to +19.70%.
Many speculate that the major stir in BTC’s price was due to the fact that BlackRock, a global asset management firm, has signaled its intentions to provide initial funding for its iShares spot Bitcoin ETF. While the company has not yet officially confirmed its purchase or detailed plans, its decision could likely create even more excitement in the market.
Wrapped Bitcoin (WBTC)
WBTC was also a hot topic following its 10.38% price rise over the past day. At press time WBTC was worth about $34,045.36, placing it just a smidge ahead of BTC in terms of price. The jump in WBTC’s price also caused its market cap to increase to $5,526,418,971, which ranked it as the 15th largest cryptocurrency in terms of market capitalization.
WBTC most likely claimed its spot as a trending token due to its very high correlation to the price of BTC. WBTC is essentially a tokenized version of BTC that runs on the Ethereum (ETH) blockchain, and its value is designed to closely track the price of the market leader.
Filecoin (FIL)
The 30th largest token by market cap, FIL, managed a price increase of just over 9% throughout the past 24 hours. As a result, the altcoin was worth $3.79, which was a new daily high price for the token. Along with its price surge, FIL’s intraday volume rose by over 130% to settle at $261,595,712.
It is possible that traders’ interest had shifted towards FIL after the founder of BitMex, Arthur Hayes, recently shared in a report that FIL is perfectly positioned to capitalize during the AI revolution. According to Hayes, the surge in AI calls for a decentralized storage solution, a role that could be perfectly filled by FIL.
Stacks (STX)
STX claimed the 5th spot on CoinMarketCap’s trending list. The altcoin was worth about $0.6954 at press time after its price managed to climb by 8.80% since yesterday. This ended up pushing its weekly performance even further into the green zone to +30.03%.
As the prices of most altcoins can be influenced by BTC’s performance, the market leader’s latest success could open some doors for tokens like STX. This is something that traders should take note of as STX could see its price jump further, even after an already successful week in the market.
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