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Markets: Bitcoin, Ethereum rise in broad gains; Solana jumps; BNB adds to surge

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forkast.news 08 August 2022 08:31, UTC
  
Reading time: ~2 m

Bitcoin and Ethereum rose in broad-based gains in cryptocurrencies that drove all other tokens higher in the top 10 list by market capitalization in afternoon trading in Asia on Monday.

See related article:Bitcoin, Ethereum edge up; BNB rises; Avalanche adds to gains on partnerships

Fast facts

  • Bitcoin, the world’s largest cryptocurrency, added 3.3% in the 24 hours to 3:30 p.m. in Hong Kong to change hands at US$23,786. Ethereum rose 2.9% to trade at US$1,734,  according to data from CoinMarketCap.
  • Solana saw the biggest gains in the CoinMarketCap top 10, jumping 6.7% to trade at US$42.63 as the network announced another update on the QUIC market rollout, a system that is expected to make the network more resistant to congestion.
  • BNB continued its price surge that started last week when token issuer Binance said it was expanding staking options to more cryptocurrencies. BNB gained 5.3% to US$328.
  • Polkadot also rose 5.3% to US$8.93, while Cardano gained 4.6% to change hands at US$0.54 after founder Charles Hoskinson hit back at critics who said “Cardano is a religion without tech.”
  • Avalanche, which sits just outside the top 10 list, had a strong showing, gaining 9% to trade at US$28.46, its highest price since late May. The rise follows the announcement of a partnership with Gamestar+ to bring interactive streaming games to Avalanche.
  • Asia equity markets were mixed, with the Shanghai Composite Index trading up 0.3%, while the Hang Seng fell 0.7%. Japan’s Nikkei 225 Index also added 0.3% to set a four-month high as the yen’s weakness was seen aiding profits at domestic companies with large sales overseas.

See related article:Why crypto and DeFi are key to building wealth in times of high inflation


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