A rally in major coins remained intact on Thursday evening as the global cryptocurrency market cap rose 3.8% to $1.09 trillion at press time.

Price Performance Of Major Coins

Coin	24-hour	7-day	Price
Bitcoin BTC/USD	3.9%	3%	$23,839.99
Ethereum ETH/USD	5.4%	9.4%	$1,725
Dogecoin DOGE/USD	3%	-1.25%	$0.07

Top 24-Hour Gainers (Data via CoinMarketCap)

Cryptocurrency	24-Hour % Change (+/-)	Price
Oasis Network (ROSE)	+35.2%	$0.07
Ethereum Classic (ETC)	+24.5%	$40.95
Bitcoin Cash (BCH)	+22.3%	​​$155.63

See Also: How To Get Free NFTs

Why It Matters: Bitcoin and Ethereum spiked even as data released on Thursday showed that the U.S. economy contracted for a second consecutive quarter, falling by an estimated 0.9% between April and June, versus analyst expectations of a 0.5% gain. This can be construed as a strong signal of a recession.

The pace of economic slowdown was quicker than expected, and this could complicate the U.S. Federal Reserve’s aggressive efforts to tackle inflation, said Edward Moya, a senior market analyst for OANDA.

“The debate between a half-point and 75 basis-point increase at the September meeting will remain heated until we get the next couple of inflation reports,” wrote Moya, in a note seen by Benzinga.

On the impact on the apex coin, Moya said, “Risk appetite roaring back after a second consecutive contraction for the U.S. economy raises the chances that the Fed could be looking to tighten at a softer pace at the next policy meeting in September.”

Risk assets got a boost on Thursday after strong numbers were posted by Apple and Amazon. At press time, S&P 500 and Nasdaq futures were up 0.5% and 1.15%, respectively.

Michaël van de Poppe said the “entire market looks ready to continue moving heavily.” The cryptocurrency trader said many altcoins and Bitcoin are breaking above their 50-day moving averages, while the apex coin is above the 200-week moving average. 

The entire market looks ready to continue moving heavily.

� Many #altcoins & #Bitcoin breaking above 50-Day Moving Average.

� #Bitcoin breaking above 200-Week Moving Average.

Looks to me to see a continuation on those altcoins for 100-200%.

— Michaël van de Poppe (@CryptoMichNL) July 28, 2022

“Looks to me to see a continuation on those altcoins for 100-200%,” tweeted Van de Poppe.

Justin Bennett said that the total market capitalization for cryptocurrencies is testing a $1.05 trillion resistance after bouncing from the $940 billion to $960 billion support this week. The trader said that there’s a “lot of room” towards the $1.15 trillion mark.

“I still think buying dips is the way to go for now,” said Bennett on Twitter. 

Gm fam! $TOTAL with a perfect bounce from $940-$960B support this week.

Now testing $1.05T resistance. A lot of room above that toward $1.15T.

I still think buying dips is the way to go for now.$BTC $ETH pic.twitter.com/WDMPUTV5pl

— Justin Bennett (@JustinBennettFX) July 28, 2022

On-chain analysis firm Glassnode said Bitcoin’s mining pulse is “experiencing a sustained uptrend.” The company tweeted that blocks are coming in slower than the target 10 minutes, which means there is “continued stress in the mining industry as hash rate comes offline and difficult adjusts downwards.”

The #Bitcoin Mining Pulse is experiencing a sustained uptrend, indicating blocks are coming in slower than the target 10mins.

This signifies continued stress in the mining industry as hashrate comes offline, and difficulty adjusts downwards.

Live Chart: https://t.co/ITLFuFzQ98 pic.twitter.com/Tk3bOs8I0E

— glassnode (@glassnode) July 28, 2022

Ethereum is headed for the $1,800 mark, tweeted chartist Ali Martinez, noting the second-largest coin’s candlestick close above the $1,680 mark on a four-hour chart. 

With a candlestick close above $1,680, it appears #Ethereum is heading to $1,800. https://t.co/V75xp1KnDJ pic.twitter.com/dAgX5b9EiL

— Ali Martinez (@ali_charts) July 28, 2022

Read Next: Ethereum Shorts Lead $391M Crypto Liquidations As Price Rallies 15%

Bitcoin (BTC) dipped to a daily low as US Federal Reserve chief Jerome Powell all but confirmed interest-rate hikes will begin this month in the US. However, the asset had already bounced back up above US$44k again at the time of writing.

The OG crypto quickly sunk below US$43.5k after Powell’s prepared remarks to the House Financial Services Committee were made public.

But some were calling his speech a “non event”…

Powell just made the March FOMC meeting a non-event, largely anticipating what the Fed will deliver.

Dovish

— Alex Krüger (@krugermacro) March 2, 2022

Fed Chair #Powell just reassured Congress that #inflation would continue to decline throughout the year. What does he mean by continue? Inflation is not declining now, it’s actually accelerating. Based on that acceleration it looks like the inflation rate will increase in 2022!

— Peter Schiff (@PeterSchiff) March 2, 2022

The real question now remains – what will be the size of the US central bank’s “appropriate” inflation-combatting rate hike this month? Powell wasn’t giving too much away at this stage, but many predictions seem to be leaning towards the lower end of the scale, which would likely represent no more than a 0.25% interest-rate increase.

More pointedly for the crypto market, meanwhile, Powell did also hint that Russia’s invasion of Ukraine could emphasise “the need for Congressional action on digital finance including cryptocurrencies”.

“We have this burgeoning industry which has many parts to it and there isn’t in place the kind of regulatory framework that needs to be there,” he added.

The crypto market doesn’t seem to be reacting one way or other to that part of Powell’s speech just yet.

 

Top 10 overview

Congrats @SundaeSwap with a successful February, you can see #SundaeSwap‘s improvement through its TVL growth.@attention_pala @Platypusdefi@MMFcrypto@Theta_Network@BreederDodo@defichain@astroport_fi @osmosiszone #Cardano #CardanoADA #ADA $ADA pic.twitter.com/AbM4sBRmU1

— Cardano Daily (@cardano_daily) March 2, 2022

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$20.4 billion to about US$967 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• THORChain (RUNE), (market cap: US$1.61 billion) +12%

• Convex Finance (CVX), (mc: US$1.1b) +11%

• Fantom (FTM), (mc: US$5.15b) +10%

• Curve DAO (CRV), (mc: US$1.1b) +9%

• Anchor Protocol (ANC), (mc: US$1b) +8%

 

DAILY SLUMPERS 

• Radix (XRD), (market cap: US$1.4 billion) -5%

• Humans.ai (HEART), (mc: US$1.39m) -4.5%

• Algorand (ALGO), (mc: US$5.5b) -4%

• Theta Network (THETA), (mc: US$3.2b) -4%

• Flow (FLOW), (mc: US$2.14b) -3%

 

DAILY PUMPERS

• Impermax (IMX), (market cap: US$12m) +96%

• Frontier (FRONT), (mc: US$52m) +52%

• Geist Finance (GEIST), (mc: US$101m) +50%

• Kujira (KUJI), (mc: US$28m) +45%

• veDAO (WEVE), (mc: US$50m) +35%

 

DAILY SLUMPERS

• Acet (ACT), (market cap: US$23 million) -23%

• UMA (UMA), (mc: US$584m) -21%

• BTC Standard Hashrate Token (BTCST), (mc: US$133m) -20%

• SpiritSwap (SPIRIT), (mc: US$41m) -19%

• Victoria VR (VR), (mc: US$130m) -18%

 

Final words

Somehow, March 2020 figured as a catalyst for a new #BTC uptrend

Somehow, February 2022 is figuring as a catalyst for a new $BTC uptrend#Crypto #Bitcoin

— Rekt Capital (@rektcapital) March 2, 2022

That was such an absurd proposal

— Dan Held (@danheld) March 2, 2022

First meme ever but I couldn’t help myself#Bitcoin pic.twitter.com/3f5SDHkiP1

— Coin on the cob (@dueyfromstlouis) March 2, 2022

I’m starting to believe in those crazy theories about reptiles.

— Nenad (@Nes_ja_3x7) March 2, 2022