Oracle tokens prices soar as crypto markets recover

Oracle tokens have been surging vastly in the past 24-hour period, with CoinGecko showing a 5.5% rise in their total market cap. At the same time, the crypto market was bullish today, with most cryptocurrencies and DeFi tokens recording gains. However, based on analytical reports, the current gains could be short-lived. 

Oracle tokens trending with massive surge 

According to a recent report by CoinGecko, “Oracle tokens are trending up, with a 5.5% surge in the past 24 hours!” This is based on stats garnered by the crypto statistics platform CoinGecko. The top oracle coins by market cap include LINK, NEST, and UMA.

LINK, the native token of the Chainlink network, gained about 4.3% in 24 hours. One day ago, LINK was trading at merely $7.02. When writing this report, the coin’s value was $7.29. In the same 24-hour period, Chainlink hit a high of $7.48.

NEST, the native token of the NEST protocol, also recorded massive positive price movements. According to Coingecko, NEST gained 1.9% in the past 24 hours, moving from $0.0244 to $0.0248.

UMA, the third-largest oracle coin and the native token of the UMA network, surged from $1.643 to $1.674, a 1.86% increase. Based on Coingecko, several oracle coins, including xFunds, Skey Network, Witnet, April, and Zap, have recorded massive gains on positive trends. 

General crypto market soaring

Oracle coins are just among the coins to have recorded gains in the past 24 hours. Most of the crypto market was in an uptrend today. Coinmarketcap charts indicate that the crypto market gained about 1.61% in value in the past 24 hours.

Bitcoin, the largest crypto asset, gained about 1.2% in value. 24 hours ago, the coin was trading at $16.2k — when writing this report, the coin had surged to $16.4k. At some point during the day, BTC rose above $16.5k.

Ethereum, the second largest crypto asset, is also soaring currently. Trackers notes that ETH gained 4.22%, moving from $1.17k to $1.22k with rising trading volumes and open interest across the board. Recent reports indicate that the amount of ETH and BTC is reducing in exchanges. 

DeFi tokens have been performing exemplarily in the past hours, gaining about 1.24% in the past 24 hours. UNI remains among the best-performing DeFi tokens, with others following. 

Metaverse tokens recorded successful gains in the past 24 hours. Aside from APE and a few others, many other metaverse tokens, including SAND, MANA, and AXS, recorded gains. 

Market bulls will be short-lived

Analysts have been looking into the performance of crypto assets like Bitcoin and Ethereum using various indicators. When it comes to BTC, most analysts are in consensus that the coin will continue dropping in value over the next few weeks. Furthermore, rumors are circulating that the feds could hike interest rates in December.