The post LayerZero, Mog Coin, and Bonk prices are rising: beware of key risks appeared on BitcoinEthereumNews.com.

It was a sea of green on Monday as Bitcoin bounced back above $63,000 as investors embraced a risk-on sentiment.  Ethereum Name Service (ENS) was one of the best-performing altcoins on Monday as focus shifted to the upcoming ENSv2 upgrade. LayerZero, which recently launched its airdrop, rose to $3.6, 40% above its lowest level last week. Mog Coin, one of the best-performing meme coins this year, rose to an all-time high of $0.0000021, up more than 200% above its lowest level in June. Bonk has also risen by over 32% from its last month’s lowest point, which made it our chart of the week. Some of the other top-performers were altcoins like Dogwifhat (WIF), Immutable X (IMX), Fantom (FTM), and Bittensor (TAO). MOG vs ZRO vs Bonk prices chart Bitcoin and altcoins’ recovery happened in a high-volume environment. Data by CoinMarketCap shows that the daily volume jumped by over 45% to $53 billion, its highest point since June 28th. There was no major catalyst to justify the rally. Therefore, the likely reason why these coins gained is that investors have embraced a risk-on sentiment after the French election held on Sunday. While Marine Le Pen’s party won the election, the victory was lower than what polls were expecting.  In the aftermath, the US dollar index (DXY) dropped by 15 basis points while global stocks jumped. The French CAC 40 index rose by over 2% while the German DAX index rose by 0.70%. In the US, futures tied to the Dow Jones and Nasdaq 100 index were also in the green. Dead cat bounce? Bitcoin price chart Still, there is a risk that the LayerZero, Mog Coin, and Bonk price rally is a dead cat bounce, a scenario where an asset in a freefall stages a brief comeback only to resume…

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Filed under: News - @ July 2, 2024 5:22 am