Why BNB, Polkadot, and Chainlink Are Seeing Big Upside Today
In the world of large-cap cryptocurrencies, it's been a rough go over the past year. That said, 2023 has provided a much different start for investors who have seen their portfolios disintegrate in 2022. Accordingly, various positive macro factors including what appear to be cooling supply chain data and an upcoming consumer price report (anticipated to be weaker than expected) are being priced into most risk assets today. Thus, whether we're talking about large-cap stocks or cryptos, the outlook appears to be relatively similar.
As of 2:15 p.m. ET today, BNB (CRYPTO: BNB), Polkadot (CRYPTO: DOT), and Chainlink (CRYPTO: LINK) surged 4.6%, 5.2%, and 5.7%, respectively, over the past 24 hours. These moves outpaced the overall market, which was up approximately 3.6% over the same time frame.
As most investors who follow the crypto sector are well aware, these digital assets happen to be much more volatile than most asset classes. In bull markets, that's a great thing, with greater upside potential over relatively short time frames. However, with asset price pressure materializing in 2022, due primarily to tightening financial conditions, the game has changed.
Source Fool.com
