Synopsis
Major cryptocurrencies, including Bitcoin and Ethereum, surged on Monday following robust U.S. labor market data, easing fears of a recession and reducing expectations for rate cuts. The global cryptocurrency market cap rose by 2.58%, reaching approximately $2.21 trillion over the last 24 hours.
Major cryptocurrencies, including Bitcoin and Ethereum, surged on Monday following robust U.S. labor market data, easing fears of a recession and reducing expectations for rate cuts. The global cryptocurrency market cap rose by 2.58%, reaching approximately $2.21 trillion over the last 24 hours.
The U.S. labor market added 254,000 jobs in September, significantly more than economists had anticipated, easing concerns about economic weakening. The unemployment rate dropped for the second consecutive month, from 4.2% in August to 4.1% in September, according to the Labor Department.
As of 1:04 p.m. IST, Bitcoin was up 2.6% at $63,577, while Ethereum remained above the $2,450 mark.
Crypto Tracker
TOP COIN SETSDeFi Tracker5.27% BuyWeb3 Tracker3.79% BuyBTC 50 :: ETH 503.08% BuyCrypto Blue Chip – 52.46% BuyNFT & Metaverse Tracker1.01% BuyTOP COINS (₹) “Bitcoin has continued its relief rally after bouncing off the critical trend line support at $59.8K. However, $65K could act as a crucial resistance before any further upside,” said CoinSwitch Markets Desk. “Rising geopolitical tensions may have pressured BTC in the short term, but as gold rises, BTC could follow.”
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View Details »Vikram Subburaj, CEO of Giottus Crypto Platform, noted, “Bitcoin has regained bullish momentum after rebounding from its 50-day MA near $60,600. The top crypto asset is now eyeing $64,000, with a potential shot at $65,000 this week. This momentum has been driven by a reduction in Bitcoin holdings on centralized exchanges, which are at their lowest since November 2018. This drop in liquidity is fueling bullish price action.”
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Other popular cryptocurrencies, including BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Shiba Inu, and Avalanche, surged up to 6%.
The volume of all stablecoins is now $47.62 billion, which is 88.34% of the total crypto market 24-hour volume, as per data available on .
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.254 trillion. Bitcoin’s dominance is currently 56.78%, according to . BTC volume in the last 24 hours surged 64.2% to $20.2 billion.
The CoinDCX Research Team commented, “Last week, Bitcoin saw a sharp decline due to rising Israel-Iran tensions and weak macroeconomic data. The market is expected to move sideways this week as these events are digested. Key BTC support levels are $59,400 and $57,700, with resistance at $64,500.”
It added that upcoming FOMC events and U.S. CPI and PPI reports will be key to the market’s direction this week.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)
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