Bitcoin and Ether rose in Monday morning trading in Asia, with Cardano and BNB making the biggest swings, rising alongside the top 10 non-stablecoin cryptocurrencies by market capitalization. Many cryptocurrencies have rallied over the past few days after the latest US jobs data released last Friday sparked a Wall Street rally.
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quick facts
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Bitcoin climbed 1% to US$17,117 in the 24 hours to 8am in Hong Kong, surpassing the US$17,000 level for the first time since late December and gaining 2.9% in a week. According to CoinMarketCap, Ether rose 1.9% to $1,287, up 7.3% on the week.
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Cardano rose 7.3% to trade at US$0.29, up 18.8% over the past week. The increase comes as ADA, the native cryptocurrency of the Cardano blockchain, has entered the top 10 most used cryptocurrencies for payments for the first time, according to Lithuanian cryptocurrency exchange CoinGate.
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BNB gained 5.3% to USD 274.77 over the past 7 days, up 12.5%. His MATIC on Polygon rose his 4.1% to trade at US$0.84 for a weekly profit of 10.5%.
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The total market capitalization of cryptocurrencies stood at US$830.4 billion, up 0.8% from the last 24 hours. Also, the total trading volume was US$20.4 billion, an increase of 14.7% over the same period.
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The Dow Jones Industrial Average rose 2.1%, the S&P 500 Index rose 2.3% and the Nasdaq Composite Index rose 2.6% to close. These gains represent the best trading days since November 30th for the Dow and the S&P 500 and represent his best performance since December 29th on the Nasdaq.
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US Labor Department data released on Friday showed nonfarm payrolls increased by 223,000 in December, better than expected.
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Service activity in the US also contracted for the first time in 2.5 years, according to the Institute for Supply Management, with the purchasing managers’ index in December falling to 49.6 in December from 56.5 in November. Readings below 50 for this index reflect a shrinking sector.
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Investors are watching for signs that the US Federal Reserve’s multi-month campaign to raise interest rates has had the intended effect of curbing rising inflation at home. The Fed raised interest rates by 50 basis points in his December, raising the benchmark rate to 4.25%-4.5%. This is his best in 15 years.
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The next US CPI data, the main inflation indicator, is due to be released on Thursday, January 12th.
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