The top cryptocurrencies showed a small rally Friday morning despite more details about the deepening FTX crisis emerging.
Ethereum (ETH), Dogecoin (DOGE), and Polygon (MATIC) were among the top gainers in the 24 hours as an eventful week came to an end.
Posted by FTX founder Sam Bankman-Fried long apology In a tweet on Thursday, it said it was working out various issues with the company and was winding down sister company Alameda Research.
FTX later opened for limited withdrawals, encouraging customers to withdraw Millions of dollars from exchangesA brief moment of hope gave the market a week of carnage.
Prices were also boosted by renewed inflation, indicating that the US Consumer Price Index (CPI) is starting to cool. The CPI report shows the percentage change in prices for a range of consumer goods, from used cars to milk cartons, and is used as a common benchmark for inflation.
The total crypto market has recovered 4.4% in a day, but is still short of $1 trillion. sank below Earlier this week. The entire market is currently worth $913 billion, according to coin gecko.
World’s No. 2 Cryptocurrency Ethereum (ETH) Rises 6% It rose over a 24-hour period, but has fallen 16.5% since last Friday. Perhaps he’s partly due to the FTX meltdown.
Dogecoin (DOGE) experienced a similar rally, up 4.7% on the day, but 26.8% behind this time last week.
However, Polygon (MATIC) is up 13.8% weekly and is up a whopping 16.3% over the past day.
Meanwhile, Bitcoin (BTC) rose 3.7%, trading just over $17,379.
Despite the doom and gloom of the rest of the market, Polygon released a string of good news this week. Partnering with Meta’s Instagram This will allow users to create and sell NFTs.