Bitcoin recovered above US$16,000 in Wednesday morning trading as it rose along with Ether and the rest of the crypto top 10 by market capitalization, excluding stablecoins, as the market shook off lingering doubts from earlier in the week of further contagion from the now-bankrupt crypto exchange FTX.  

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Fast facts

• Bitcoin rose 2.6% to US$16,198 in the 24 hours to 8 a.m. in Hong Kong, while Ether gained 2.5% to change hands at US$1,135, according to CoinMarketCap. Leading memecoin Dogecoin rose 5.1% to US$0.07 and Polygon gained 6.8% to US$0.85.

• Litecoin posted the largest gains in that list, rising 13.7% to US$70.09, representing a 20.76% rise in the past seven days as it rose several positions on CoinMarketCap’s list. Despite the broader market downturn, the blockchain recently reached its all-time-high mining difficulty on Nov. 18, and CryptoSlate recently wrote that “[Litecoin’s] resurgence is likely a symptom of crypto users looking for stability in a chaotic market.”

• While it had gained 5% to US$12.44 on Wednesday morning, Solana continued its slide down CoinMarketCap’s ranking, which began as Alameda Research began selling large quantities of its holdings in the token amid the collapse of sister firm FTX.

• Markets were rattled on Tuesday as brokerage firm Genesis Global Capital paused withdrawals amid heightened trading activity, causing concern for parent…