While headwinds remain, investors put aside sentiment toward inflation, central bank monetary policy, and the economic outlook.
Fed Chair Powell’s testimony and the Fed’s commitment to bringing inflation to target at any cost will continue to resonate. A sustained downward trend in crude oil prices would ease some headwind pressure.
Two bullish sessions leave the total market cap in positive territory for the week while down by more than $350 billion for June. Currently sitting at $937 billion, investors will want to see the total market cap head towards the $1.5 trillion mark to shift sentiment.
Friday’s bullish sentiment was evident across the crypto market top ten.
SOL and XRP are leading the way, with gains of 9.8% and 10.1%, respectively, with ETH up 7.1%.
ADA (+5.2%), BNB (+5.2), and DOGE (+6.3%) weren’t far behind, while BTC trailed (+1.2%).
From the CoinMarketCap top 100, Axie Infinity (AXS) was a front runner, up by 15.8% at the time of press. News of Axie Infinity beginning to reimburse Ronin Bridge hack victims, starting next week, delivered support.
Outside of the top 100, but likely to reemerge, is yearn.finance (YFI), which was up 46%.
Improving crypto market conditions have supported DeFi tokens this week. On Friday, Avalanche (AVAX) and Near Protocol (NEAR) were heading for gains of 13% and 12%, respectively.
While DeFi tokens found support, the total value locked continues to sit at March to April 2021 levels. At the time of writing, the total value locked stood at $76.7bn. While up 5.2% on Friday, the TVL sits well below a December peak of $254 billion.
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