Thursday morning trade in Asia saw Bitcoin’s price continue to rise, approaching US$20,000. Other top ten cryptocurrencies by market capitalization, excluding stablecoins, climbed together with ether. For the first time since mid-September, the total value of the crypto market crossed US$1 trillion. Dogecoin, the most popular memecoin, had the best performance, while the Shiba Inu token also increased, passing Tron in terms of market valuation.
According to data from CoinMarketCap, Bitcoin increased 3.6% to US$20,798 in the 24 hours. Overnight, it climbed as high as US$20,938, its highest level in eight weeks. Even better, Ether increased 7.5% to US$1,569 after reaching US$1,584 overnight, its best price since the network Merge last month.
The improvements coincide with a Tuesday upgrade to the well-liked payment program Cash App from Block Inc., which now enables users to send, acquire, and receive Bitcoin utilizing the network’s secondary payments layer Lightning Network.
The price of Dogecoin increased 15.4% to US$0.07, its highest level since mid-August, as proponent Elon Musk prepared to finalize the US$44 billion acquisition of Twitter Inc. The site was utilized by the richest man in the world on Wednesday to publish a video of himself lugging a sink into Twitter’s offices.
Shiba Inu token, a copycat memecoin, increased by 6.1% to trade at US$0.00001077. Solana increased 1.4% to US$31.32 while Cardano increased 0.9% to US$0.40.
Wednesday was a dismal day for American stocks. The S&P 500 Index fell by 0.7%, the Nasdaq Composite Index by 2%, and the Dow Jones Industrial Average by 0.01%. Shares of Meta Platforms Inc. (previously Facebook) fell more than 19% in after-hours trading to a six-year low of US$115 after the company reported Q3 2022 earnings that were less than half as high as the same quarter a year prior, mostly due to a decline in advertising income.
The Bank of Canada gave investors some good news on Wednesday by hiking interest rates by just 50 basis points, as opposed to the anticipated 75 basis points, bringing the overall rate to 3.75%, as central banks across the world have been doing to combat global inflation.