Major cryptocurrencies experienced a surge on Monday evening, driven by the anticipation that the Federal Reserve may halt its rate hikes. Weaker U.S. jobs data provided further support for this belief, as reported by Bitfinex. PHOTO BY PIERRE BORTHIRY/UNSPLASH
Major cryptocurrencies experienced a surge on Monday evening, driven by the anticipation that the Federal Reserve may halt its rate hikes. Weaker U.S. jobs data provided further support for this belief, as reported by Bitfinex.
The release of the jobs data on Friday further solidified expectations that the Fed is taking a more dovish stance. According to the U.S. Labor Department’s employment report, October saw the creation of only around 150,000 new job positions, compared to the significant rise of approximately 297,000 in September.
Monday’s Bitfinex Alpha report suggests that the weaker jobs data has further strengthened the belief that the Fed may halt its rate hikes. “We think that the central bank may be done raising rates primarily due to tightening financial conditions, with bond yields rising over the recent months,” the report stated.
Bitcoin’s market cap dominance, which represents the largest crypto asset’s share of the total cryptocurrency market capitalization decreased to 52.5% on Monday. This marks a slight decline from its previous level of 54.3% in late October – the highest it had reached in 30 months, according to TradingView data.
The global crypto market cap currently stands at $1.32 trillion, reflecting a decrease of 0.% in the past 24 hours.
Stocks continued their upward momentum on Monday, extending last week’s impressive rally. The Nasdaq Composite, in particular, achieved its longest stretch of positive gains since January, surging 0.3% to close at 13,518.78. Meanwhile, the S&P 500 saw a modest increase of 0.18%, reaching a closing value of 4,365.98. The Dow Jones Industrial Average also made some gains, albeit small, inching up by 34.54 points or 0.1% to settle at 34,095.86.
Crypto analyst Jason Pizzno suggests that Bitcoin may be poised for an unexpected bull run that could extend into the next year. Pizzno examines the average true range (ATR) indicator, a measure of volatility within a specific timeframe, in a recent strategy session.
The analyst suggests that March of 2024 could mark the start of the next Bitcoin bull market breakout, although there may be occasional corrections during this period.
“I think that’s what the market is basically putting on now. So if we do get a quick run up to the upside, if it’s quick, it’s going to be an abnormal move compared to what we’ve seen since June of 2022, so if you do the math, it’s sort of 17 months or so, so that would probably be met with a bit of a fadeout until the halving and then you start to see some more windup, some more grind, and then the move again into that second half of 2024.”
Michael Van de Poppe mentioned that Bitcoin is currently experiencing its classic grind upward. It is expected that this upward trend will persist, potentially leading to new highs with a target range of $36,500 to $37,000. “Classic liquidity drops take place, but the trend is clearly upwards.”
The classic grind upwards is taking place for #Bitcoin.
Probably we’ll continue towards new highs (target remains $36,500-37,000).
Classic liquidity drops take place, but the trend is clearly upwards. pic.twitter.com/xYG8gkEfWs
— Michaël van de Poppe (@CryptoMichNL) November 6, 2023
Santiment, an on-chain data analytics firm, has revealed that altcoins are gaining momentum and catching up. While Bitcoin remains below $35K, the profits from the past few weeks are now flowing into prominent and medium-sized assets such as SNT (which has seen a 108% increase in just 7 days), SUSHI (with an 82% rise in 7 days), and BLZ (showcasing a 39% growth in 7 days).
🥳 #Altcoins are continuing to make up for lost time. As #Bitcoin continues resting just below $35K, profits from the past couple weeks continue funneling into large and mid cap assets like $SNT (+108% in 7 days), $SUSHI (+82% in 7 days), and $BLZ (+39% in 7 days). pic.twitter.com/vFookgr47m
— Santiment (@santimentfeed) November 4, 2023
Produced in association with Benzinga
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