Regardless of the general market pullback, Solana, Aptos and Fantom nonetheless gained greater than 20% up to now week.
Bitcoin and Ethereum are down 10% and 15% respectively from final week’s highs, however some Layer 1 ecosystems are persevering with to maneuver ahead.
FTM is up 17% up to now 24 hours, setting a brand new native excessive and breaking above $1 for the primary time since April 2022. Extra.
In the meantime, regardless of SOL’s 10% retracement, the Solana memecoin season stays unimaginable. SLERF inventory doubled regardless of the group’s enormous miss, whereas DogWifHat rebounded 25% from in a single day lows. Regardless of giving again good points, SOL remains to be up 20% up to now seven days.
To not be outdone, Avalanche is up 15% on a weekly foundation, topping $60 for the primary time since Might 2022.
Aptos and Sui, that are Layer 1s of the Transfer programming language initially developed by Fb, carried out strongly throughout the sell-off, with APT surging 10% at present to hit a brand new native excessive. SUI rose 15% final week.
ETF outflows
Cryptocurrency markets have been sharply decrease yesterday after knowledge confirmed decrease inflows into Bitcoin ETFs. On March 18, these funds skilled a web outflow of $154 million, primarily as greater than $640 million left GBTC, the most important single-day determine up to now.
Inflation scare
The newest U.S. inflation knowledge exceeded expectations, dealing a blow to threat belongings that had risen on expectations of a fee lower. Market individuals at present count on the Federal Reserve to chop rates of interest as quickly because the summer time, in keeping with CME Group FedWatch knowledge.
It may be a tumultuous week because the Fed is about to maintain rates of interest on maintain tomorrow. Traders shall be on the lookout for any hints of a hawkish stance from the central financial institution, which may act as headwinds for markets.
