As the altcoin market rebounds, Stellar, Dogecoin and Terra LUNA are on the rise
According to CoinMarketCap data, the altcoin market is recovering alongside Bitcoin, with top cryptocurrencies Dogecoin, Stellar and LUNA up in the last 24 hours.
Bitcoin hit highs of $44,342 on January 12 after the release of inflation data. The consumer price index rose 7% throughout 2021, the highest since June 1982. Ethereum also hit highs of $3,420 before pulling back slightly to $3,344, where it is currently trading.
Cryptotrader cum economist Alex Kruger forecasted before the release of the inflation data, “Tomorrow’s inflation (830AM EST) comes in line and the crypto reversal continues. BTC sellers re-engage around 46K, alts enjoy a further upside.”
Almost all cryptocurrencies, especially those in the top 100, such as Solana (SOL, +7.59%), Terra (LUNA, +6.20%), Dogecoin (DOGE, +10.26%) and Stellar (XLM, +5.45%), were up over the past 24 hours, according to data from CoinMarketCap.
Stellar’s (XLM) recent rise coincides with the news that muxed accounts, a new type of Stellar account that makes it easy to map a single Stellar address to multiple users, went live.
Dog-themed coin Dogecoin is posting double-digit gains, up over 10.18% in the past 24 hours to a current price of $0.171. As U.Today previously reported, Dogecoin is back on Binance Smart Chain’s (BSC) whale radar.
Terra (LUNA) is up in the last 24 hours at a present price of $82, according to CoinMarketCap data. As per a recent announcement by OKEx Exchange shared by Terra Labs co-founder, Do Kwon, Terra UST and USDC are now available on the OKEx staking service.
Continued upward for altcoins?
Bitcoin (BTC) and altcoins appear to have started a relief rally, according to market experts. The ETH/BTC chart has been showing signs of strength in the last two days, reaching 0.077 sats on Jan. 12.
Further upside moves can then pave the way towards 0.08 sats, which could lead to a continuation of the altcoin rallies seen across the board.
The Bitcoin dominance index is another way to estimate the strength of altcoins. Bitcoin dominance has been on a steady decline since topping out at 46.69% on Oct. 10. At the time of publication, the metric stood at 40.03%.
