5 cryptocurrencies made double-digit gains overnight, hitting key price levels in the current cycle, including Filecoin (FIL), Internet Computer (ICP), The Graph (GRT), Chili’s (CHZ), and Polkadot (FIL). DOT).
FIL, ICP, CHZ, DOT, and GRT played a trump card
After announcing a rate hike from the Federal Open Market Committee midweek, cryptocurrencies recovered from the recession, posting double-digit gains for their owners.
FIL coins gained 37% for their holders overnight, as did ICP, GRT, CHZ and DOT, which provided massive gains for traders.
The relationship between Bitcoin and other digital currencies
AVCrypto, (a pseudonymous digital analyst), put forward the view that cryptocurrencies are rising in price while Bitcoin is falling. While significant declines in the price of Bitcoin provide traders with an opportunity to accumulate, price hikes and small dips cause the prices of other cryptocurrencies to rise.
The analyst’s opinion fits with the current situation where Bitcoin posted a 3% gain while the FIL, ICP, GRT, CHZ and DOT all posted double-digit gains for their holders.
Whereas, Altcoin Sherpa, a technical analyst, and a prominent trader pointed out that the rise of cryptocurrencies is not affected by the significant recovery in the price of Bitcoin. He also predicted an imminent rise in the price of the first digital currency, as it is likely to rise by 20 thousand dollars in the coming weeks
Source: FXstreet