Key Notes
- MYX emerged as the top gainer among the leading 100 cryptocurrencies.
- The token is getting close to its all-time high of $19.
- The crypto market looks bullish amid US Fed discussions.
MYX Finance (MYX), the native token of the decentralized derivatives platform with the same name, recorded an impressive rally to lead the gainers’ list over the past 24 hours.
MYX is up 45% over the past day and is trading at $16.14 at the time of writing. Its market cap surpassed the $3 billion mark again, making MYX the 42nd-largest cryptocurrency.
The price surge comes as MYX sees strong interest from traders. Data shows that the asset’s daily trading volume skyrocketed by 153%, reaching a whopping $400 million.
It’s important to note that the company strongly denied the allegations of manipulating the MYX token airdrop, Coinspeaker reported on Sept. 10. This could have also strengthened the sentiment around the derivatives platform.
Despite the notable growth, data from Trading View shows that MYX is still in good condition to reach a new all-time high. The token’s Relative Strength Index is currently sitting at 71, showing strong demand from investors.
MYX 4H price and RSI charts on Sept. 17 | Source: TradingView
If MYX’s RSI surpasses the 80 mark, it would suggest overbought conditions, which usually end up with a price correction due to short-term profit-taking.
What’s Driving the Crypto Mark?
While MYX Finance witnessed a massive growth of over 950% over the past month, the broader cryptocurrency market has also been seeing inflows.
According to CoinMarketCap data, the global crypto market value surpassed $4 trillion again, with a 1% gain over the past 24 hours.
Bitcoin
BTC
$116 740
24h volatility:
0.9%
Market cap:
$2.33 T
Vol. 24h:
$42.48 B
is back above $117,000 after struggling for over three weeks.
The positive sentiment comes with the expectations of a rate cut by the US Federal Reserve, which will likely boost the economy and allow investors to borrow at lower rates. This can fuel volatile assets like Bitcoin and altcoins.
The Fed started its two-day September meeting on Sept. 16.
The summaries of the meetings are usually released three weeks after the event.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
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