XRP (XRP) soared 16% over 24 hours as most major coins continued to remain in the green with the global cryptocurrency market cap rising 1.76% to $1.91 trillion on Wednesday night.
What Happened: XRP rose 15.89% to $1.01 over 24 hours. For the week, the token associated with Ripple Inc, has risen 39.52%.
On Wednesday, XRP announced that Global Money Express Co. Ltd (GME Remittance), a large Korean remittance provider had joined Ripplenet.
See Also: How To Buy XRP (XRP)
Cardano (ADA) kept its upwards momentum, rising 9.25% over 24 hours to $1.83 and up 32.87% for the week.
Bitcoin (CRYPTO: BTC) traded mostly flat, down 0.19%, at $45,669.20 intraday. Over a seven-day period, BTC traded 14.93% higher.
Ethereum (CRYPTO: ETH) traded 0.3% higher at $3,172.15 over 24 hours and was up 16.55% for the week.
Dogecoin (CRYPTO: DOGE) was up 4.79% at $0.27 over 24 hours. The meme coin was up 34.42% over seven days.
IoTeX (IOTX) was the top gainer over 24 hours on Wednesday night, gaining 140.75% to $0.12.
The token of the decentralized platform aiming to empower open economics for machines touched an all-time high of $0.125 minutes before press time. IoTex traded 480.66% higher for the week.
Other top gainers over 24 hours included BitTorrent (CRYPTO: BTT), Tron (CRYPTO: TRX), and Polygon (CRYPTO: MATIC).
BTT shot up 24.03% to $0.0048, TRX was up 17.42% at $0.088 and MATIC traded 17.26% higher at $1.37 in the period.
Why It Matters: Most cryptocurrencies maintained an upward trajectory despite the U.S. Senate passing the $1 trillion infrastructure bill that is partly financed by a wider cryptocurrency tax regime.
On Tuesday, inflation numbers released by the Labor Department indicate that consumer prices rose 0.5%, inching down from the 0.9% figure of last month. Year-over-year, the consumer price index rose 5.4%.
Bitcoin is often viewed as an inflation hedge and despite the lower inflation figures, the prices for the asset have not seen any major correction on the news.
“While I don’t think a small decline is a game-changer, as far as monetary policy is concerned,” said Craig Erlam of Oanda, reported CoinDesk.
“It may have been had we continued to see an acceleration, or evidence of more worrying price pressures. Instead, we can all breathe a little easier.”
Delta Exchange CEO Pankaj Balani believes that the Bitcoin market should “take a breather” at the current levels.
“We expect the price to consolidate for some time in the $40K-$45K range before taking decisive action toward the end of August, early September,” said Balani, as per CoinDesk.
The analyst expects the apex cryptocurrency to resume its upwards march. He said, “The volatility continues to trade rich and there is interest to write the upside beyond 50K for Aug and September.”