PayFi Sector Leads Crypto Market Gains With Significant Increases

According to Odaily, the cryptocurrency market continues to experience a broad upward trend, with the PayFi sector leading the charge. Data from SoSoValue indicates that the PayFi sector saw a 24-hour increase of 21%. Notably, Ripple (XRP) surged by 25.75%, and Stellar (XLM) rose by 19.59%. The ssiPayFi index, which represents the historical performance of the PayFi sector, is currently priced at $21.2, showing a weekly increase of 44.44% and a monthly rise of 123.47%, topping the growth charts among sector indices. SoSoValue analysts attribute this positive momentum in the PayFi sector to the anticipated departure of SEC Chairman Gary Gensler, expected on January 20, 2025. This development is projected to bolster and sustain the upward trend in the PayFi sector over the long term. Additionally, other sectors are also showing notable gains, with the Layer 2 sector increasing by 11.68%, the DeFi sector by 7.29%, and the Layer 1 sector by 7.2%. These trends highlight the overall positive sentiment and growth potential within the cryptocurrency market.