Cardano, Shiba Inu and Avalanche were recording gains at press time, posting a 24-hour positive change of 3.71%, 4.14% and 4.73%, respectively. A slight recovery in the price of Bitcoin on Aug. 8 sparked modest increases in alternative cryptocurrencies, known as “altcoins.”
Bitcoin continued its rebound on Monday as investors turned to digital assets in the wake of robust US jobs data. The largest cryptocurrency by market value rose as much as 4.38% to trade above $24,000 at press time, while Ethereum was up 5% at around $1,787. The cryptocurrency market was aided partly as similar moves were seen in European stocks and US equity futures after the strong payroll print suggested the US economy may avoid a hard landing even amid the Fed’s monetary tightening policies.
Altcoins added to the sea of green, with several posting mild increases at press time. Avalanche’s AVAX token received a slight boost following the news of its listing on stock brokerage Robinhood.
In recent times, the prices of Bitcoin and other cryptocurrencies have become increasingly affected by traditional market drivers like monetary policy. With another 75 basis-point rate hike next month now the favored outcome, investors are bracing ahead of Wednesday’s inflation report.
Crypto market sees inflows
According to the latest Coinshares report, digital asset investment products saw inflows totaling $3 million in the past week, marking the sixth consecutive week of inflows that total $529 million, representing 1.7% of total assets under management.
For the second consecutive week, Bitcoin saw slight outflows amounting to $8.5 million, while short-Bitcoin investment products saw a record outflow totaling $7.5 million, suggesting investors believe Bitcoin prices have bottomed.
Ethereum saw inflows totaling $16 million and is enjoying a nearly seven-consecutive-week run of inflows totaling $159 million. Cardano, XRP and Solana investment products also saw mild inflows as per the report.