On a broadly positive day for cryptocurrency markets, traders turned to altcoins in their search for top crypto performers today, with various names outperforming Bitcoin (BTC) by a decent margin.
Bitcoin went sideways between the $58,000 and $60,000 levels on Monday.
Traders are keeping their powder dry ahead of the release of US CPI inflation data later in the week.
"July core CPI data to leave the door wide open to rapid Fed easing" @IanShepherdson https://t.co/2L5LM7xb8A #PantheonMacro pic.twitter.com/NwNOBWNoTl
— Pantheon Macro (@PantheonMacro) August 12, 2024
Assuming the data supports the case for a larger rate cut from the Fed next month, the CPI release could be a positive catalyst for Bitcoin and the broader crypto market.
But while BTC went sideways, a number of altcoins saw impressive gains.
Ethereum (ETH) was able to rise over 6% in the past 24 hours, whilst others rallied harder.
Here are some top crypto performers today that investors will be watching.
Top Crypto Performers Today
1000SATS (SATS)
Meme coin 1000SATS (SATS) is one of top crypto performers on Monday, gaining over 20% in 24 hours per CoinMarketCap.
Last at $0.00000032, SATS is eyeing a retest of support-turned-resistance in the $0.00000036 area.
A break above here could see SATS pump back to its March highs above $0.00000080.
Sui (SUI)
Layer-1 protocol Sui (SUI) continues to aggressively pump in anticipation of increased institutional investor interest in wake of Grayscale’s launch of a Sui-linked investment product.
BREAKING NEWS: Leading crypto asset manager @Grayscale has just added $SUI to its list of investment products!
This paves the way for Sui's mass adoption, with Grayscale recognising Sui's innovations in smart contract development.https://t.co/CwR2N8EFaM pic.twitter.com/MNJsptLkla— 0xMedia (@0xmediaco) August 8, 2024
Per CoinMarketCap, SUI was up 17% in 24 hours, making it one of the top crypto performers today.
SUI was last changing hands around $1.025, having broken above key resistance in the form of its 50DMA.
That could mean a rally to March highs near $2.20 is on the cards.
ORDI (ORDI)
Bitcoin-based protocol Ordinals native token ORDI (ORDI) is up an impressive 16% on Monday, per CoinMarketCap. That makes it one of the top crypto performers today.
However, last at $31, ORDI remains stuck in a long-term downtrend since it peaked in early 2024 near $100.
ORDI will need to at least break convincingly above its 50DMA at $34 to kick-start a longer-term bullish move.
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