- Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure.
- The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier.
- Tariffs and other market conditions weigh on investor sentiment.
Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins with an impressive 97% over the past 24 hours.
In a price rally that put it on top of the daily gainers’ list, XCN shot up to an intraday high of $0.017.
The performance bucks the downward pressure that has seen Bitcoin (BTC) and Ethereum (ETH) pare gains from a day ago with dips below $80k and $1.5k, respectively.
XCN price performance
The XCN token’s standout performance sees it outpace Flare, Kaspas, and Walrus, among other notable gainers.
According to data from CoinMarketCap, XCN is currently trading at $0.017, with its volume up 1,230%.
The token’s market, though tiny at $531 million, is up 97% and puts Onyxcoin in the top 100 by market cap.
XCN has flipped Floki and CORE, which currently rank 100th and 99th by market cap, respectively.
Onyxcoin’s massive spike comes despite a broader risk market downturn in the past 24 hours.
BTC, ETH, and other coins’ dip has seen the global cryptocurrency market cap drop by 3.9% to $2.52 trillion.
Volume is down 20% to about $127 billion as crypto mirrors losses on Wall Street.
Overall market outlook
Crypto and the stock market rose sharply on Wednesday after US President Donald Trump changed his tariffs stance.
His announcement of a 90-day pause sent risk assets skyrocketing, with Bitcoin’s price breaking to above $82k.
S&P 500 and the Dow Jones Industrial jumped, rising by historic single-day gains.
However, the S&P 500 and Dow opened lower on Thursday and looked to close lower with 3.2% and 2.4 %, respectively.
Dow was down more than 900 points.
On Thursday, Trump announced an additional 25% tariff on China, bringing this to 145%.
After excluding it from the 90-day pause, analysts say the trade war will continue to hurt optimism.
This looks to be the case as stocks sold off despite the latest inflation report that showed CPI dropped to 2.4% against an expected 2.6%.
While this sees many turn to the Federal Reserve for expectations of interest rate cuts, analysts are pointing to “sticky” prices and tariff impact for likely pressure on equities and crypto. Analysts point to a potential bull trap.
Peter Schiff said via a post on X:
“I’ve never seen such a mass selloff of US assets. The US dollar, bonds, and stocks are all getting killed. I can’t remember when the dollar lost 3.5% against the Swiss franc in one day. America’s ride on the global gravy train is about to come to a screeching halt. Buckle up.”
