Investors on all sides continue to be nervous, with elevated uncertainty causing many investors to seek safety. Although this meant a mostly red week for major cryptocurrencies, Ethereum (ETH 0.59% ), shiba inus ( SHIB 1.04% )and Amount ( QNT -1.18% ) each recovered well today. These three tokens have appreciated by 2.4%, 3.7% and 11.1% over the past 24 hours, as of 12:30 p.m. ET.
Ethereum appears to be getting a boost from this year’s annual ETHDenver conference, the world’s largest Web3 hackathon aimed at sparking developer interest and promoting new blockchain projects to enthusiasts around the world.
Shiba Inu recouped some of yesterday’s losses, with the past weekend providing another avenue for investors in this meme token.
Quant had one of the most impressive early exchange rallies today, rising by a double-digit percentage on speculation that this network’s operating system, keeping blockchains connected globally, could be a key beneficiary of central bank adoption of digital currency.
There’s a lot to unpack with today’s choppy price action in the crypto world. It’s still a “weekend” for stock traders in the US, which means trading volumes for cryptocurrencies are likely to continue to drop into tomorrow. However, the 24/7 nature of the crypto markets offers an intriguing glimpse of what may be in store for risky assets tomorrow. With highly speculative tokens such as Shiba Inu offsetting some of this weekend’s losses, there may be hope that tomorrow won’t be quite terrible for stocks.
Developer interest in Ethereum and other altcoin networks appears to be a major driver of today’s positive price action in the crypto world. The ETHDenver hackathon is a big deal and seems to be getting more interest in Web3 projects than usual today.
Likewise, pockets of interest seem to be forming around specific networks such as Quant, which can benefit from exogenous factors that prove to be headwinds for other networks. This is a project that investors may want to keep on their radar, given its recent performance against the broader market.
Ethereum, Shiba Inu and Quant are three very unique projects targeting different types of investors. However, the fact that all three of these projects are each rallying significantly today may be a positive sign for investors concerned that bearish risk sentiment has fully taken hold of the market.
For now, these three tokens remain on my watchlist and are cryptos that I will be watching closely in the coming weeks. It seems that the trajectory of these projects is still on the downtrend. That said, as we have seen in the past, large recoveries can occur at any time. Whether today is the start of such a rally is another discussion altogether, but this jolt of upward momentum could be a positive sign for investors as we head into a shortened week.
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