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The financial market started the week well, continuing the rally that happened last week. Bitcoin remained above $35,000 while the major American indices like the Dow Jones, Nasdaq 100, and S&P 500 rose.
Most altcoins were in the green. Ripple’s XRP price jumped by 13% and reached a high of $0.7320, the highest point since July 30th. The coin has soared by more than 65% from the lowest point in August. It has rallied after the Securities and Exchange Commission (SEC) abandoned its lawsuit against the head of Ripple Labs.
Alchemy Pay’s (ACH) token price has also jumped sharply, reaching a high of $0.021, the highest level since July 14th. It has soared by over 61% from the lowest level this month. The token rallied after the developers hinted of a major news in the ecosystem.
It is not yet clear what the news will be. Some analysts believe that Binance will approve its leveraged token in its ecosystem. Historically, cryptocurrencies rally after being listed in major exchanges like Binance and OKB.
There’s something new coming to #Binance. Stay Tuned! #AlchemyPay pic.twitter.com/qzECb2bX3I
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) November 6, 2023
KuCoin Token (KCS) price has made a strong bullish comeback lately. The KCS token flew to a high of $5.66, which was 58% above the lowest point in September. Other exchange tokens like OKB, Uniswap (UNI), and Cronos (CRO) jumped as investors moved back to cryptocurrencies.
The other top-performing cryptocurrencies on Monday were Stellar Lumens (XLM), The Graph (GRT), Injective, and Gala were among the best performing cryptocurrencies.
This rally coincided with the improved sentiment in the broader market. The US dollar index (DXY) has pulled back while the fear and greed index has risen gradually even as it remains in the greed zone.
Further, American equities have bounced back in the past few weeks. The Dow Jones, Nasdaq 100, and S&P 500 indices had their best week this year. Bond yields have also retreated.
The main catalyst for the rally was last week’s Federal Reserve interest rate decision. In it, the bank left interest rates unchanged between 5.25% and 5.50%. The Fed Chair hinted that the bank will remain unchanged for the rest of the year.
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