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Cryptocurrencies are having a good weekend as Bitcoin sits at its highest level in over 18 months. Bitcoin was trading at $38,775 while Ethereum price has soared to a high of $2,102. In all, the total market cap of all digital currencies jumped to over $1.46 trillion.
Many cryptocurrencies have joined the spectacular rally. Siacoin (SC) price jumped to a high of $0.0060, the highest point since February 8th of this year. It has soared by more than 165% from the lowest point this year, giving it a market cap of over $296 million.
Siacoin is one of the biggest Web3 projects in the industry. It is in the storage industry, where it competes with the likes of Filecoin and Arweave. Siacoin is known for its low transaction costs, with the average cost of storing 1 terabyte of data being less than $2 per month. It has over 84,700 hosts globally.
The other top-performing cryptocurrency is Alchemix (ALCX) whose price has surged by over 47% in the past 24 hours. This rally has pushed its total market cap to over $47 million, making it the 524th biggest coin in the world.
Alchemix is a player in the Decentralized Finance (DeFi) industry. It runs a platform that enables people to borrow money and avoid the risk of liquidation. According to DeFi Llama, Alchemix has over $58.90 million in total assets locked in its ecosystem. It also has over $22 million in its treasury.
Alchemix price jumped after the developers published their third-quarter results. The results showed that the network earned $1.3 million in fees in Q3 as user deposits dropped following the big Curve hack. Its total deposits dropped by 34.2% from the second quarter.
The main reason why ALCX and Siacoin prices are surging is that Bitcoin is in an uptrend. At the same time, the crypto fear and greed index has jumped to 72. The CNN Money fear and greed index has moved to the greed zone of 67 as put and call options and market momentum move to the extreme greed area.
The stock price strength and breadth have all moved to the greed point as investors predict that the Federal Reserve will ultimately cut interest rates in the first half of 2024. In a statement on Friday, Jerome Powell refuted this claim and warned that rates could even rise.
Other cryptocurrencies that surged on Saturday, including Terra Luna Classic, Gifto, Big Time, IOTA, Beam, and Ordi.
Watch here: https://www.youtube.com/embed/mWw6KP0gcD8?feature=oembed
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