Bitcoin, Ether up with top 10 cryptocurrencies; Litecoin surges after record transactions in 2022

Bitcoin and Ether prices surged in Tuesday morning trading in Asia, along with all of the top ten cryptocurrencies unstable. Litecoin led the gains, while XRP, Dogecoin and Polygon also saw increases of between 2% and 3%.

See related article: Hong Kong financial service providers gear up for retail cryptocurrency traders

Fast facts

  • Bitcoin rose 0.4% to $16,686 in the 24 hours to 8am in Hong Kong, while Ethereum gained 1.2% to trade at $1,214, according to CoinMarketCap.

  • Litecoin jumped 5.6% to a two-week high of US$74.84 after the Litecoin Foundation, the organization behind the cryptocurrency, announced on Sunday that the network had a record over 39 million transactions in 2022. The token is up about 6% since the last calendar week.

  • Polygon’s Matic token jumped 2.8% to $0.78 as data from cryptocurrency tracker WhaleStats found the token was one of the top 10 coins bought by the 500 largest Ether whales over the course of the year. New Years period. However, Matic is still down about 3.7% for the week. The WhaleStats list included the Shiba Inu memecoin token and the Web3 sports-based Chiliz token.

  • Dogecoin climbed 1.7% to $0.071. The gains follow the Dogecoin Foundation, the group responsible for developing the network, which announced an allocation of 5 million Doge ($358,000) to a fund for leading Dogecoin developers. The coin has more ground to recover as it is still down about 5% for the week.

  • Solana added 12.8% to trade at US$11.26. Sitting just outside CoinMarketCap’s top ten, these gains come from Ethereum co-founder Vitalik Buterin support tweeted for the network on Friday, saying she’s “hopefully[s] the community has its fair chance to thrive. The token has recovered most of the losses of the past seven days.

  • US stock markets were closed on Monday due to the New Year’s holidays and will reopen for trading on Tuesday. Investors await the release of the US Federal Reserve’s December meeting minutes for further guidance on the Fed’s view on inflation and interest rate policy.

  • The Fed raised rates by the 50 basis points expected in December, bringing the base rates between 4.25% and 4.5%, the highest level in the last 15 years. He also warned of more hikes coming in 2023 as he makes fighting inflation his priority. The latest US consumer price index showed inflation rose 7.1% in November over a year earlier, though down from readings of 7.7% in October and 8.2% % of September.

  • US stock and bond markets experienced one of their worst years on record in 2022, with the S&P 500 losing 19.4% as the Fed raised interest rates to slow the pace of inflation.

  • See related article: How crypto custodians can help centralized exchanges regain public trust

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