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The week in markets: Dogecoin and Binance’s BNB tack on double-digit gains

The week in markets: Dogecoin and Binance’s BNB tack on double-digit gains

Bitcoin and ether moved sideways for the most part last week, as some altcoins moved higher. 

Bitcoin was changing hands at about $16,559 at 8:30 a.m. ET Sunday, representing a decline of about 0.8% over the past week. Ether was doing somewhat better, down just 0.29% in the same period. ETH was trading at roughly $1,214.

Other cryptocurrencies fared somewhat better over the week, according to data from TradingView. Ripple’s XRP was up 5.4%, while Tron’s TRX rose 3.4% and SHIB tacked on almost 5%.

Dogecoin and Binance’s BNB were the big winners, soaring 15% and 23% respectively. 

Crypto prices swelled ahead of the Fed’s meeting minutes from Nov. 1 and 2 on Wednesday, dipping after the release — which suggested the pace of rate increases is set to slow — before later gaining again.

Crypto stocks

It was a shorter week than usual on Wall Street because of the Thanksgiving holiday and an abbreviated day of trading on Black Friday. Crypto-related stocks had mixed fortunes throughout the week.

Coinbase fell almost 10% over the week to trade at about $44.28, according to Nasdaq data via TradingView. Shares in the crypto exchange hit an all-time low, below $42, on Monday.

Crypto bank Silvergate was up about 0.66% in the same period, trading around $29.14 at the close on Friday. 

Jack Dorsey’s Block was down more than 8% to $63.38. Elsewhere, Michael Saylor’s MicroStrategy rose over 3% during the week, to $183.

The Nasdaq dipped 0.3%, while the S&P 500 traded higher, gaining 1.51%.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Adam Morgan McCarthy