Bitcoin Holds Over US$21,000 as Crypto Market Cap Briefly Surpasses US$1 Trillion

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Bitcoin held over US$21,000 in Tuesday morning trading in Asia, with the cryptocurrency’s total market capitalization also briefly crossing the US$1 trillion mark in the past 24 hours for the first time. since mid-November. Ether also rose with Polygon and Solana in the top 10 non-stable cryptocurrencies. Dogecoin fell.

See Related Article: US House of Representatives Forms New Subcommittee on Cryptocurrency

Fast facts

Bitcoin rose 1.4% to hit US$21,155 within 24 hours of 8:45 a.m. in Hong Kong, an increase of 22.9% over the past calendar week. Ether gained 1.4% to US$1,571, trading up 18.5% over the past seven days, according to CoinMarketCap.

Polygon rose 4.2% to US$1.02 for the largest gains in morning trading in Asia and a 20.5% rise over the past week ahead of a network hardfork expected on Wednesday. With the hardfork, titled V0.3.1, the proof-of-stake network aims to reduce the severity of transaction price spikes and reorganize the address chain.

Solana rose 2.3% to change hands at US$23.31, up 41.9% over the past week. Solana is the top performer on the list so far for 2023, rebounding from a severe selloff during the collapse of crypto exchange FTX and affiliates that held large stakes in the token.

Dogecoin fell 2.7% to US$0.08 for the largest losses on the list, but was still trading up 9.2% last week.

Total crypto market capitalization over the 24 hours fell 1% to $991 billion, while trading volume increased 15.8% to $54.1 billion.

Bradley Duke, co-CEO of crypto investment firm, ETC Group, told Forkast in an emailed statement.

In Europe, the EU released unemployment statistics that were the lowest in 23 years, he added, and China lifted many border restrictions. This shift in sentiment was reflected in the BTC futures market, with traders betting long four days in a row based on the Long-Short ratio.

US markets were closed on Monday for the Martin Luther King holiday. They reopen again on Tuesday.

The US Consumer Price Index (CPI) for December released last week showed inflation rising 6.5% year-on-year, in line with expectations and lower than the 7.1% recorded in November. The drop was the biggest monthly decline since April 2020 and sparked fears that inflation has peaked in the United States

Last month, the Fed raised interest rates by 50 basis points to between 4.25% and 4.5%, the highest in 15 years, to fight inflation. The next Fed meeting is Jan. 31-Feb. 1, with CME Group analysts predicting a 94.2% chance of a 25 basis point hike given the most recent CPI data.

See related article: Bitcoin Miners Return From Winter Storms, Difficulty At All-Time High

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