Gorilla, ORDI, Beam tokens goes parabolic as crypto FOMO sets in
The fear of missing out (FOMO) has set in in the crypto and stock market as investors predict that the Federal Reserve will start cutting interest rates in the first half of last year. This view is supported by the falling US dollar index (DXY), which has retreated to $103.2 and the fear and greed index has jumped to 70.
Risk assets have continued doing well. Bitcoin, the biggest cryptocurrency in the world, has jumped to over $40,200, which is a remarkable level for a coin that tumbled to $15,000 in December last year. American equities have also rallied, with the Dow Jones, Nasdaq 10, and S&P 500 indices soaring to their highest levels of 2023.
FOMO is also happening in the altcoins industry. Gorilla, a new meme coin, has become one of the best-performing tokens after it soared by over 140% in the past 24 hours. This rally has brought its total market cap to over $10 million. It rallied as several large exchanges like MEXC listed it, making it available to millions of traders.
ORDI, the crypto token of Bitcoin Ordinals, has also jumped to a record high of $45. This is a remarkable performance for a token that was trading at $45 on Monday morning. Its market cap has jumped to over $885 million as the popularity of Ordinals has jumped. Data compiled by CryptoSlam shows that the total sales of Ordinals jumped by over 10% in the past 24 hours.
Meanwhile, BEAM price has soared to $0.01380, the highest point since November this year. Beam, formerly known as Merit Circle, is a gaming platform has grown its market cap to over $534 million. This makes it the 92nd-biggest cryptocurrency in the world.
Playbook still stands$BTC – $48,500$ETH -$3,350
Then a pull back.
Then alts go crazy.
— Jacob Canfield (@JacobCanfield) December 3, 2023
Many other cryptocurrencies have jumped sharply in the past few days. FTX Token, IOTA, Frax Share, and Sei have been some of the best-performing tokens in the world. Other top performers are Bitcoin Cash, Aurora, Songbird, and Bonk.
There are three key drivers for these coins. First, there is growing optimism that the Federal Reserve will start cutting interest rates in 2024 now that inflation is falling. The price of durable goods like furniture and used cars has dropped in the past six months.
Jerome Powell has pushed back against these hopes and warned that the Fed could still hike rates but the market is not buying it. Futures data point to a rate cut as soon as in March of 2024. In most cases, risk assets like crypto and stocks do well when the Fed is slashing rates. Second, these tokens have risen because of the optimism of a spot Bitcoin ETF approval. Also, cryptocurrencies tend to do well ahead of a Bitcoin halving. In most cases, altcoins tend to do well when Bitcoin is in an uptrend.
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