The largest cryptocurrency bitcoin saw a strong bull run on Monday, thanks to a rosier-than-expected US jobs report for the month of December, easing concerns about a rate hike among investors. The dollar weakened, while equities in Europe, Asia and the US rallied strongly. The crypto market also tracked the positive sentiment across global equities, with bitcoin emerging among the top trending tokens.
On Coinmarketcap, at the time of writing, Bitcoin It traded above $17,200 with an increase of 1.5%. Its market cap is $ 331.31 billion. In the last 24 hours, the trading volume in bitcoin has increased by almost 83%.
earlier in the day crypto Close to the $17,250 mark was reached. Following the rally, weekly gains for bitcoin are now around 3%.
Specifically, according to Coinmarketcap, the ROI of bitcoin is around 12,630%. However, bitcoin is still down 75% from its all-time high of $68,789.63, recorded on November 10, 2021.
Talking about bitcoin crossing the $17,000 mark, Dhruvil Shah – SVP Technology – Liminal, a digital wallet infrastructure platform said, “The latest US jobs report showed that the unemployment rate has gone down significantly and has reversed to pre-Covid levels. The unemployment rate was perceived as a macro boost which resulted in a jump in the crypto market as well as US and European stocks.”
“Bitcoin broke key $16,800 and $17,000 resistance levels for the first time in 2023,” Shah said.
The nation’s total non-farm payroll employment increased by 223,000 in December and the unemployment rate eased to 3.5%, according to data from the US Bureau of Labor Statistics. Notable job gains occurred in leisure and hospitality, health care, construction and social assistance.
Notably, an expansion in non-farm payrolls as well as a slowdown in wage growth and a contraction in services activity have eased investor anxiety and eased further rate hikes from the US Federal Reserve.
US services activity declined for the first time in two and a half years to 49.6 in December from 56.5 in the previous month.
Moreover, in the crypto market, counterparts such as Ethereum also jumped almost 4% and traded above $1,310. The weekly upside of the coin is around 8%.
Other top coins such as BNB are up over 6%, XRP is up almost 3%, Dogecoin is up almost 5% and Polygon is up almost 7%. In percentage terms, the Cardano token skyrocketed by almost 17% in the past 24 hours.
In 7 days, BNB is up almost 12%, XRP is up almost 2%, Cardano is up over 27%, Dogecoin is up over 4% and Polygon is up over 10%.
The top trending cryptocurrencies were Shiba Inu, Bitcoin and Polygon, Pancakeswap and STEPN.
Overall, the crypto market cap increased by 3% to $848.96 billion over the past day. While the crypto market volume increased by 104.4% to $33.86 billion in the last 24 hours.
Bitcoin dominance currently stands at around 39.06% on Coinmarketcap.
What to expect next?
According to Shah, bitcoin could head towards the next hurdle which is at the $18,000 resistance.
“Most crypto assets witnessed a mini-rally due to positive investor sentiment driven by favorable macro-economic factors. It will be interesting to see how the Fed reacts at its next meeting in February, which will decide the future course,” he added. Financial and crypto markets.”
Disclaimer: The views and recommendations given above are of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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