Why Solana, Avalanche, and Filecoin Jumped This Week
The market was back in a risk-taking mood this week, and that was good for cryptocurrencies across the board. It didn't hurt that there was also some positive news about development on the blockchain.
According to data provided by S&P Global Market Intelligence, Avalanche (CRYPTO: AVAX) is up 66.6% since 4 p.m. ET last Friday and was up as much as 68.7% this week. Solana (CRYPTO: SOL) is up 6.9% and was at one time up 24%. Filecoin (CRYPTO: FIL) is up 8.8% and peaked at a 17.4% gain.
It's impossible to deny that the market's move back to riskier assets this week was driven by a positive inflation report on Tuesday. inflation in the U.S. was flat month over month, and that caused the market to speculate the Federal Reserve would keep short-term rates flat over the next few months -- and may even cut rates in 2024. The stock market spiked on the news, and cryptocurrencies followed.
Source Fool.com
