Bitcoin held above $21,000 in Tuesday morning trading in Asia and the total cryptocurrency market capitalization also briefly surpassed the $1 trillion mark in the past 24 hours for the first time since mid-2020. november. Ether also rose along with Polygon and Solana in the top 10 non-stable cryptocurrency list. Dogecoin fell.
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Fast facts
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Bitcoin rose 1.4% to $21,155 in the 24 hours to 8:45 AM. m. in Hong Kong, an increase of 22.9% over the last calendar week. Ether gained 1.4% to $1,571, trading 18.5% over the past seven days, according to CoinMarketCap.
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Polygon rose 4.2% to $1.02 for the biggest gains in Asia morning trade and a 20.5% gain over the past week in the run-up to a network fork scheduled for Wednesday. With the hardfork, titled V0.3.1, the proof-of-stake network aims to reduce the severity of transaction price spikes and address chain reorganizations.
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Solana rose 2.3% to change hands at US$23.31, an increase of 41.9% from last week. Solana is the best performer on the list for 2023 so far, rebounding after a sell-off in the collapse of crypto exchange FTX and affiliated companies that held large holdings in the token.
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Dogecoin fell 2.7% to $0.08 for the biggest losses on the list, but was still trading 9.2% over the past week.
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Total 24-hour crypto market capitalization fell 1% to $991 billion, while trading volume rose 15.8% to $54.1 billion.
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“We see that the main driver behind this 20% rise in BTC over the past week is the fact that some macroeconomic fears are subsiding with positive economic data in the US at crypto investment firm, ETC Group, he said. Forkast in a statement sent by email.
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“In Europe, the EU published unemployment statistics that were the lowest in 23 years,” he added, “and China lifted many of the border restrictions. This shift in sentiment was mirrored in the BTC futures market, with traders going long for four days in a row based on the Long-Short ratio.”
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US markets were closed Monday for the Martin Luther King public holiday. They reopen on Tuesday.
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The US Consumer Price Index (CPI) for December released last week showed inflation rising to 6.5% year-on-year, in line with expectations and down from 7.1% in November. The drop was the biggest monthly drop since April 2020 and is raising expectations that inflation has peaked in the US.
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Last month, the Fed raised interest rates by 50 basis points to 4.25-4.5%, the highest in 15 years, to tackle inflation. The Fed’s next meeting is January 31-February 1, and CME Group analysts forecast a 94.2% chance of a 25 basis point rise given the latest CPI data.
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