Today’s crypto rally led by Near Protocol, Theta and Chainlink
What happened
The rollercoaster ride that has been the crypto market this year has mostly given investors a gut-wrenching disadvantage through the end of the second quarter. In recent weeks, however, many top cryptocurrencies have begun to capture a bid, as investors assess the upside potential of various projects in case another bull market may be ahead.
Today’s rally has been led by Close to protocol (NEAR 16.05%), Theta (THETA 15.46%)and Chain link (LINK 5.37%), which have increased by 16.5%, 15.5% and 5.9% respectively during the last 24 hours from 2 p.m. ET. These moves outperform the broader crypto market, which is up 2.5% over the same time frame.
Near’s incredible rise today appears to be linked to reports that the protocol had encountered a breach similar to the Solana then last week, with the user’s private keys being accessed by attackers. However, Near reportedly addressed this vulnerability before any data was compromised, which signals that the development team behind this project knows what it’s doing. It’s always good.
Theta’s incredibly volatile week looks set to end on a strong note, with the token trading at its highest level in nearly three months. Interest in blockchain-based video distribution appears to remain high, with investors looking for more obscure projects with high growth potential in this market upturn.
So what
Near, Theta and Chainlink are three projects that, like the broader market, are staying well away from their all-time highs. However, with positive momentum building in these tokens, all three projects have reached heights not seen in weeks or months.
Whether this signals that another bull market may be on the horizon or that it is the last bear market rally remains to be seen. However, it is clear that these three tokens are the focus of growth investors looking for enticing opportunities in the crypto sector.
What now
The individual catalysts driving these respective tokens higher are not necessarily worldwide. Accordingly, it is likely that we will see further consolidation and price discovery, even if the overall trend is higher. Right now, it’s hard to see another rally taking place, given the macro environment ahead of us.
Today’s better-than-expected jobs report is the latest “good news is bad news” event for the stock market, which looked negative on higher interest rates along the yield curve. While the crypto sector has finally seen some divergence from stocks (at least for now), if investors are refreshed in their bearish view of risk assets, these tokens could be in for a bumpy ride ahead.
