Bitcoin rallied Monday morning in Asia, hitting a five-month high. Ether also rose along with all 10 other top non-stablecoin cryptocurrencies, with Solana and Litecoin having the biggest gains. Total crypto market capitalization remains above US$1 trillion for the eighth day in a row, the longest streak since August 2022.
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Bitcoin was trading 3.2% higher at $23,764 in the 24 hours to 8am in Hong Kong, after hitting a high of $23,918 overnight. It was up 4.6% in the past calendar week. Ether was up 4.7% to $1,645 on Monday morning and 1.1% over the past week, according to data from CoinMarketCap.
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Solana, a network once backed by Sam Bankman-Fried, surged 8.9% to $26.11, with a 7.8% weekly gain, as the network continues recover words related to FTX damages.
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Litecoin gained 6% to change hands at US$94.98, bringing its weekly gain to 8.4%, after reporting that its network has had no downtime in its 11 years of existence.
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Total crypto market capitalization increased 3.2% to US$1.08 trillion, while total trading volume increased 38% to US$51.28 billion.
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US stocks closed higher on Friday. The Dow Jones Industrial Average rose 0.1%, the S&P 500 gained 0.3% and the Nasdaq composite gained 1%.
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The three big tech companies are expected to announce their earnings next week, Amazon.com Inc., Apple Inc. and Meta Platforms Inc., will be closely watched for signs recent extensive job cuts in this area will be further expanded to 2023.
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The US Federal Reserve will meet this week from January 31 to February 1. The Fed is expected to raise its key interest rate by 25 basis points as part of an ongoing effort to cool the heat. inflationary. The central bank announced a 50 basis point increase in interest rates to a target range of 4.25% to 4.5% last month.
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In December, the US consumer price index, a leading inflation indicator, increased by 6.5% year-on-year, down from 7.1% recorded in November, which is the biggest monthly drop since April 2020.
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