The global cryptocurrency market unexpectedly sparked into life on Thursday despite negative inflation data following the US Consumer Price Index (CPI) being released.
The news that inflation was once again 8.2% prompted a quick and drastic sell-off of coins – with Bitcoin dropping to a low of $18,319.82 – before an unexpected and massive recovery in both the crypto and traditional markets.
BTC pumped to $19,835.17 – an 8.2% gain on the low – in 12hrs with volume surging by 76% on the previous day.
As CryptoNews reported earlier on Friday, many Bitcoin traders and analysts are expecting more short-term gains with $21,000 in play.
The total crypto market saw a 5% increase to $950 billion as volume reached $355 billion – marking just the second time volume had beaten $300 billion since early August.
A number of altcoins have been performing even better:
Ethereum Name Service (ENS)
Ethereum Name Service (ENS) was arguably the top performing coin on Thursday and Friday, reaching highs of $20.25 as trading volume increased by 95% to over $250 million.
ENS is now up 11% in the last 24hrs at the time of writing and nearly 12.5% on the seven-day chart.
The price had been as low as $16.18 on Tuesday, October 11, meaning the coin saw a 25% rise in that time.
ENS, which has more than 2 million addresses and a userbase of 500,000, could be set for more gains in the coming weeks.
At the end of September, Coinbase announced its intention to give out ENS domains to users who want simplified transactions.
Quant (QNT)
Quant has retraced a little, but the QNT token is still up nearly 6% after volume increased by 59%.
Its 24hr high saw the token almost reach $175 – its highest price since January.
Quant has been flying in recent weeks and is now up nearly 20% in seven days, 67% in a month and nearly 300% since June’s lows.
Quant has continued to push for its use in central bank digital currencies (CBDCs) and increased chatter around the implementation of that technology appears to be driving its growth.
Algorand (ALGO)
Algorand is another sleeping giant – and another coin linked to CBDCs – that has found some love recently after a tough 2022.
Algorand (ALGO) is one of the most scalable and energy efficient blockchains around and its links to world-leading university MIT – its founder is a professor – indicate it should be well placed for institutional adoption in the near future.
ALGO saw a huge sell-off just after CPI data was revealed – falling to $0.2887 before rallying 14% to $0.3289.
It remains down on the seven-day chart, however.
Tamadoge (TAMA)
The TAMA token has endured a lot of volatile movement in the past week, but the new project ticked off two major marks of its roadmap this week.
The first 100 Tamadoge NFTs went on sale on OpenSea and became the top trending collection on the site after seeing 258ETH worth of sales.
Investors paid as much as 6ETH for one of the Ultra Rare Pets, which will be at the centre of the new play-to-earn game based on 90s craze Tamagotchi.
The projects developers also released screenshots and development pictures of the secondary game, Enter the Tamaverse, which was extremely well received in the community as it evoked memories of popular side-scrolling platform games Mario and Sonic the Hedgehog.