Cryptocurrencies rally 4% in the past 2 days

Cryptocurrencies rally 4% in the past 2 days

Cryptocurrencies are showing signs of recovery with Bitcoin and Ether rallying 4% over the past two days.

A few recent developments have buoyed the sentiment around Ethereum. Multiple asset management firms have applied to launch exchange-traded funds based on eth. PayPal, a global payment giant with over 400 million users, also launched its Dollar-backed stablecoin, PYUSD, on the Ethereum mainnet.

Investors also expect the Federal Reserve to keep interest rates steady at its next meeting, which will be held in September. Some analysts even predict a 25bps interest rate cut as early as the December meeting.

Bancor Network's BNT has surged 55% in the past week after releasing the primer for its new on-chain trading strategies protocol, Carbon, released by Bancor Network. A significant investment from venture capital firm DWF Labs led to a surge in the value of Crypto98's C98. DODO rallied 28% following the unveiling of DoDO X, a cross-chain aggregation service.

The founder's governance token, FXS, rallied 10% after the founder's suggestion to bring Real World Assets to the network.

Solana, Toncoin, and Algorand have also posted gains in the past seven days, fueled by the court's ruling that XRP is not a security measure.

In the past 7 days, Kyber Network, Nest Protocol, and Bounce were the most valuable DeFi tokens, falling 30 percent, 24%, and 18%, respectively.

Rocket Pool, a top liquid staking platform, saw the RPL token drop by 12% in the past week. On April 26th, the RPL hit an all-time high of $62 and has dropped 58% since then.

The Compound's COMP dropped 10%, with investors likely booking profits after a stellar run for the token. The former CEO, Robert Leshner, has resigned from his role as Chairman of the New York Stock Exchange.