Bitcoin Higher, Ether Little Changed; XRP and Polkadot Post Strong Gains in Mixed Market

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Bitcoin edged higher to the resistance line of US$23,000, while Ether traded little change in early morning mixed trading in Asia on Tuesday. Most of the top 10 non-stable cryptocurrencies were trading within a 1% boxed range. XRP and Polkadot were the exceptions, both gaining more than 5%.

See Related Article: Indias Exchange CoinDCX Says Crypto Tax Rules Cut Government Revenue

Fast facts

Bitcoin traded up 0.9% at US$22,928 in the 24 hours to 8am in Hong Kong, taking the last calendar week’s gains to 8.2%. Ether fell less than 0.1% to US$1,627, up 3.2% for the week, according to data from CoinMarketCap.

XRP gained 5.9% to trade at US$0.42, a weekly gain of 9.8%, following the addition of a new feature to the XRP Ledger network, known as CheckCashMakesTrustLine. Executives at Ripple Labs, whose payment network is powered by XRP, are also growing optimistic that the lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC) will be resolved in the course of the month. first half of this year.

The XRP bump also follows the unusual purchase of a non-fungible token (NFT) in the nascent XRPL NFT market. The NFT was created by developer Wietse Wind without images or metadata only as a test on the network, but was purchased regardless.

Polkadot jumped 5.9% to US$6.57, a weekly gain of 13.1%, following the successful launch of version 3 of the XCM cross-consensus messaging, which would improve cross-chain communication and throw the basics of NFTs on the network.

Total 24-hour crypto market capitalization rose 1.5% to US$1.05 trillion, while trading volume increased 6.6% to US$56.3 billion .

US stocks rose on Monday. The Dow Jones Industrial Average gained 0.8%, the S&P 500 Index climbed 1.2% and the Nasdaq Composite Index closed up 2% posting back-to-back gains of more than 2%.

Gains in the tech-heavy Nasdaq were helped by strong performances from companies like tech giant Apple Inc., which gained 2.4% to US$141.11 and chipmaker NVIDIA Inc., which rose 7.6% to US$191.93.

Several major earnings reports are expected this week from Tesla Inc., Microsoft Corp. and Visa Inc.

Members of the US Federal Reserve will be in a so-called blackout period before meeting to decide the next interest rate decision on January 31 and February 1, where analysts at CME Group predict a likelihood 99.8% of an increase of 25 basis points. Other US economic indicators coming this week that could influence this decision include durable goods orders and consumer sentiment.

See related article: Binance Says Signature Bank No Longer Supports Crypto Exchange Transactions Under $100,000

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