Why Cosmos Hub and Other Altcoins Were Soaring Today
Given their increasingly long-tail rally heading into the holiday season, cryptocurrencies probably didn't need another springboard bouncing them even higher. Yet on Tuesday, that's exactly what happened when the latest macroeconomic data hit the headlines.
In response, an impressive variety and number of coins and tokens leaped skyward in price. Cosmos Hub (CRYPTO: ATOM) was one of them, advancing by 19% in midafternoon trading. Joining the starry crypto was KuCoin (CRYPTO: KCS), which rose by roughly the same percentage; Aptos (CRYPTO: APT) with a 14% gain; and Fantom (CRYPTO: FTM) with a relatively light yet still solid boost of 7%.
The data that made crypto investors happy concerned that current global albatross, inflation. Early Tuesday, the government's Labor Department unveiled November figures for the U.S. Consumer Price Index (CPI), a closely tracked gauge of the costs of key goods (and therefore a yardstick for inflation). These data reveal that the CPI crept up by 3.1% year over year and 0.1% over the October level.
Source Fool.com
