Bitcoin rises to a four-week high, holds above $42K

• Bitcoin posted net outflows of $60 million for the year

• Investor sentiment has been buoyed by stronger-than-expected U.S. jobs data

Bitcoin rose to a four-week high on Monday, rose for a second consecutive session, by 3.8% at $44,024.

The increase in the price of bitcoin after its recent three-month downward was partly driven by Friday's release of stronger-than-expected U.S. jobs data, buoying investor sentiment.

Also Read: US added 467,000 jobs in January, unemployment rate grows to 4%

Ether, the second-largest digital currency in terms of market capitalization, touched a three-week peak of $3,180 and was last up 3.1% at $3,153.21. It dropped to a six-month trough in late January, but since then, ether, the token used for the Ethereum blockchain, has surged about 47%.

Bitcoin led all inflows, with $71 million, the largest since early December, and the third straight week of inflows, with a total of $108 million. For the year, however, bitcoin posted net outflows of $60 million.

Ether, on the other hand, posted net outflows of $8.5 million in the week ended Feb. 4, its 9th straight week of outflows, totaling $280 million. That represents 2.2% of assets under management, according to CoinShares.

Gains in the top 10 cryptocurrencies by market capitalization ranged from a low of 1.6% for Terra’s LUNA to as high as 9.9% for XRP.

Meme coins led market moves outside of the top 10. Shiba Inu’s SHIB tokens surged to $0.000029 during Asian trading hours from the $0.000022 level on Sunday evening, as reported.

Read more: Crypto market shed $350 billion on weekend, weighed down by rate hikes, inflation

Picture Credits: Reuters