A crypto rally is happening this week, with Bitcoin price rising to $111,000 and Ethereum moving above $4,000. The total market cap of all tokens jumped to over $3.79 trillion.
This article explains why the crypto market rally is happening. It also highlights the performance of top altcoins like Avantis (AVNT), Bio Protocol (BIO), and Dash (DASH).
Why the Crypto Rally is Happening
The ongoing crypto market rally is happening as investors wait for the upcoming talks between the US and China. These talks are aimed at dealing with the outstanding issues on trade between the two biggest economies in the world.
Senior leaders from the two countries will meet this week as they prepare for the first summit between Donald Trump and Xi Jinping. Their meeting will happen next week at the APEC Summit in South Korea.
A deal between the US and China would lower the ongoing tensions and help to moderate inflation. A lower inflation rate will help the Fed to start cutting interest rates.
The crypto market rally has also coincided with the stock market performance. Top US indices like the Dow Jones, S&P 500, and Nasdaq 100 jumped as investors waited for the upcoming earnings dump as hundreds of firms publish their numbers.
Additionally, traders are waiting for the upcoming US inflation report that will happen later this week. This report will provide more information on whether the bank should cut interest rates.
READ MORE: Top 5 Reasons Why XRP Price May Spark Higher Soon
Why Avantis, Bio Protocol, and Dash are Rising
Avantis price rose by over 55% on Tuesday as investors cheered its network growth. Data shows that Avants total value locked (TVL) crossed the important milestone at $100 million.
The team is now hoping to cross the $500 million in the next few months. In a statement, the developers noted that the growth was because of Avantis USDC (avUSDC), which simplifies access to perpetual yields.
They are now gearing towards the launc of composable yield for the network. Avantis has also gained market share in the perpetuals industry, where it handled over $16 billion in volume in the last 30 days.
Bio Protocol token price jumped by 17% in a high-volume enviironmen after being listed on Upbit, the biggest exchange in South Korea. Dash price soared because of the ongoing demand for privacy coins, which has been boosted by the ongoing Zcash gains.
READ MORE: Here’s Why GLXY, Terawulf, IREN Stocks are Beating Bitcoin This Year
