© Reuters. Bitcoin, Ethereum, Dogecoin Trade Mixed As Investors Weigh August Job Report: Analyst Predicts Altcoins To Go Dormant Before Exploding 200x In Upcoming Bull Run
Benzinga – by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies exhibited a mixed trading performance on Sunday as traders evaluated the latest U.S. jobs report.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +0.14% | $25,895 |
| Ethereum (CRYPTO: ETH) | -0.05% | $1632 |
| Dogecoin (CRYPTO: DOGE) | -0.42% | $0.063 |
What Happened: The latest U.S. nonfarm payrolls report revealed some notable trends in the job market. In August, the unemployment rate edged up to 3.8%, its highest level in over a year, contrary to economists’ expectations of it remaining at 3.5%.
Additionally, average hourly earnings only increased by 4.3% year-over-year, falling short of economists’ projected 4.4% increase as the economy continues to slow down and pricing pressures ease. While job growth in August exceeded expectations with the addition of 187,000 jobs, it’s worth noting that the job numbers for June and July were revised down by a combined 110,000.
Gold, Silver Or Bitcoin: What Is The Best Hedge Against Inflation? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| SafePal | +4.92% | $0.578 |
| Synthetix | +2.83% | $1.99 |
| KuCoin Token | +2.69% | $4.00 |
Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.98% decrease in the last day.
U.S. stock futures traded within a narrow range after a positive week for major benchmark averages. It’s important to note that markets will be closed on Monday due to a public holiday. At 6:50 p.m. EDT, both S&P 500 Futures and Nasdaq 100 Futures showed a marginal decline of 0.1% each.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van De Poppe pointed out that despite the current market sentiment, there seems to be some promising momentum for Altcoins as shown by Bitcoin’s dominance.
This pattern is consistent with previous cycles, specifically around eight to ten months leading up to the halving. Bitcoin’s dominance serves as an indicator of the strength or weakness of altcoins. In addition to that, it is important to note that the best investment decisions are often made when one feels the least confident about them. This seems to be the case right now.
However, it’s worth mentioning that Bitcoin dominance is not continuing its upward momentum, but rather declining.
Altcoins are dead? The dominance tells a different story.
The markets might not be feeling great, but Bitcoin dominance shows that there’s actually some momentum going on with the #Altcoins.
It’s similar in previous cycles. Eight-ten months prior to the halving.
