Bitcoin Back Above US$17,000; Ether and Crypto Market Extend Weekend Gains

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Bitcoin and Ether rose Monday morning in Asian trading, rising along with the rest of the top 10 non-stable cryptocurrencies by market cap, with Cardano and BNB changing the most. Many cryptocurrencies gained in the past few days after the latest US jobs data released last Friday sparked a rally on Wall Street.

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Fast facts

Bitcoin rose 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 with a 2.9% increase in course of the week. Ether gained 1.9% to US$1,287, a weekly gain of 7.3%, according to CoinMarketCap.

Cardano rose 7.3% to change hands at US$0.29, up 18.8% in the past week. This price run comes as ADA, the cryptocurrency native to the Cardano blockchain, made it to the top 10 most used cryptocurrencies for payments for the first time, according to Lithuanian cryptocurrency exchange CoinGate. .

BNB gained 5.3% to US$274.77, up 12.5% ​​over the past seven days. Polygons MATIC rose 4.1% to trade at US$0.84, taking its weekly gains to 10.5%.

Total crypto market capitalization was $830.4 billion, an increase of 0.8% from the previous 24 hours, while total trading volume was $20.4 billion, an increase 14.7% over the same period.

The Dow Jones Industrial Average gained 2.1%, the S&P 500 Index rose 2.3% and the Nasdaq Composite Index closed up 2.6%. The gains mark the best day of trading for the Dow Jones and S&P 500 since Nov. 30 and the best performance for the Nasdaq since Dec. 29.

While US Department of Labor data released on Friday showed nonfarm payrolls increased by 223,000 jobs in December, which was better than expected, it also showed wages rose by just 0, 3% for the month instead of the planned 0.4%.

Services activity in the United States also contracted for the first time in 2.5 years according to the Institute for Supply Management, which said on Friday that its Purchasing Managers Index fell to 49.6 in December, compared to 56.5 in November. A reading below 50 in this index reflects a contraction in the sector.

Investors are watching for any sign that the US Federal Reserve’s months-long campaign to hike interest rates has had the intended effect of curbing high inflation in the country. The Fed raised rates by 50 basis points in December, taking benchmark rates to between 4.25% and 4.5%, the highest in 15 years.

The next data for the US Consumer Price Index, a key indicator of inflation, is due out on Thursday, January 12.

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