Cryptos mostly higher, US GDP beats all expectations

The majority of top 10 cryptos showed gains over the past 24 hours. The US economy smashed expectations in the fourth quarter of 2021 despite a surge in Omicron coronavirus cases.

The Commerce Department reported yesterday that growth increased at an annualized rate of 6.9% in the three months to the end of December, up from 2.3% the previous quarter. 

Despite the good news, US stocks slumped in afternoon trading yesterday as investors digested warnings of rising interest rates and GDP data.

While growth stocks were hammered, Netflix (+7.36%) stood out in front after billionaire investor William Ackman revealed he had built up a $1.1 billion stake in the ailing streaming giant.

Top cryptos

At the time of writing, Bitcoin was up around 3%, Ethereum climbed more than 2%, and 5 other top 10 cryptos were also in the green.

The remaining top 20 cryptos by market cap were mostly flat at the time of writing with the exception of two notable losers: Terra (-13%) and Cosmos (-9%). Both are swiftly reversing recent gains.

Top movers

Most top 100 coins added or lost 1-4% of their value today. FTX Token has surged on news of lucrative partnerships concluded by its issuer, the dynamically developing crypto exchange FTX. It has gained about 5% today.

Gala is reversing yesterday’s gains. It has lost 10% today, approaching an all time low. It has lost just under 70% of its value in one month.

Convex Finance, a platform enabling users to deposit Curve LP tokens to earn Curve trading fees, boosted CRV and CVX tokens, has shed 14% of its value in the last 24 hours.

Finally, Bora is inching its way up the top 100 chart. It currently ranks #86 with 8% added today, bringing its gains to 20% over the past 7 days. It is the only coin on the chart with a positive balance for the past week apart from Helium (less than +2%) and a few stablecoins.

Trending

The biggest gainer today is DIFX, the token of Digital Financial Exchange. Compatible with the Ethereum Mainnet and Binance Smart Chain, it is ERC-20/BEP-20 compliant and decentralized.

DIFX’s value is dependent in part on the reputation of its crypto exchange. DFE is a fully data-encrypted cryptocurrency exchange and insured global trading platform. The token has gained 538% today.

Tectonic is a decentralized money market protocol that allows users to participate as liquidity suppliers or borrowers. It started rallying after a Crypto.com listing at the beginning of this month. It is also a big gainer today, having added 29% to its value in 24 h.