On Friday, Bitcoin's value rose by 3.30 percent to $29,190, despite a declining US stock market, marking an eight percent growth over the last week. This increase coincided with the 10-year U.S. Treasury yield rising to 4.97 percent, a trend that Edul Patel of Mudrex attributed to potential rate stability until December.
In addition to Bitcoin, other cryptocurrencies such as Ether, Binance Coin, Cardano, Dogecoin, Litecoin, Tron, Polygon, Leo Avalanche, Stellar Monero Cosmos, and Uniswap also recorded profits. Ether traded at $1,584 after gaining 2.23 percent.
The total market valuation of cryptocurrencies rose by 2.93 percent in the last 24 hours to hit $1.11 trillion. This significant increase was driven by the gains in various cryptocurrencies and other key events in the crypto world. One such event was Chainlink's announcement of its staking v0.2 launch.
Another major development was the dropping of SEC charges against Ripple Labs, which led to a seven percent spike in XRP's value.
Despite this overall positive trend in the crypto market, some cryptocurrencies recorded losses. These included Tether, Solana, Braintrust, Circuits of Value, Bitcoin Cash, Shiba Inu, and Binance USD.
This week's market movements indicate a continued interest and investment in cryptocurrencies amid economic uncertainties and shifting monetary policies.
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