Market highlights February 11: Inflation spooks investors, cryptos to finish the week strong

Despite most cryptos being in the red over the past 24 hours, it has been a very positive week overall. Inflation has risen to 7.5%, a higher-than-expected jump in the measure of price rises.

The NASDAQ100 fell 2.24% while the SPX500 was down 1.78% and the DJ30 fell 1.46%. The UK100 rose yesterday, popping late in the session on the back of US inflation numbers.

After cracking $90 for the first time in more than 7 years last Friday, oil has shown a correction this week, registering losses nearly every day.

Top cryptos

Bitcoin fell more than 1.5% since yesterday but will finish the week with gains of more than 10% as of time of writing. Despite retracting nearly 4% over the past 24 hours, Ethereum has also climbed around 10% over the past 7 days.

Leading the top 10 this week was XRP, with gains of more than 30% since last Friday. Today, Polygon, Solana, and XRP are all down by around 6%.

Top movers

Theta Network has been rallying since the beginning of the month, when Resorts World Las Vegas announced they were launching utility NFTs on it in a first of its kind event involving a major Las Vegas casino.

It is also gathering momentum for the large number of patents it is filing, the latest one of which they filed today. It was up 13% at the time of writing.

The live IoTeX price today is $0.12, rallying on developments in the IoT space. IoTeX’s native token IOTX has been trending the whole week and gained 10% in the last 24 hours.

At #98, Audius, a decentralized music streaming protocol, is currently trading for $1.26 with a 24-hour trading volume of $60.8 million. Audius is up 7% today. Livepeer, closing out the top 100, also added 7% to its value. Ethereum Classic continues to rally with gains of 5%.

Other than those, the situation looks bearish in the top 100. Most coins have lost between 3 and 6% today. Gala and THORChain are both down 8%, Kadena has lost 9%, and Convex Finance has shed 11% of its value. Arweave lost 9% and Waves 10%, both reversing yesterday’s gains.  

Trending

MetaPay is trending again and has added 711% to its value today. You can use the token to shop in the Metaxion metaverse. With MetaPay, users can sell the parcels and avatars they buy in the metaverse.