Bitcoin and Altcoins Soar as Markets Hold Breath for US Jobs Report

Bitcoin (BTC) regained momentum by surpassing the $67,000 mark, while other cryptocurrencies like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) showed positive growth. However, the PENDLE token emerged as the top gainer with a remarkable 26% jump, while the CORE token emerged as the biggest loser with a decline of over 20%. The global crypto market capitalization currently stands at $2.53 trillion, reflecting a 2.51% increase within 24 hours.

Bitcoin and Altcoins Surge as Markets Anticipate US Jobs Report

New Delhi, April 5, 2023: Bitcoin (BTC), the world's premier cryptocurrency, scaled the $67,000 threshold early Friday, driven by market expectations surrounding the upcoming US jobs report.

Bitcoin Price Analysis

At the time of writing, Bitcoin stood at $67,873.07, reflecting a substantial 4.14% gain over the past 24 hours, according to CoinMarketCap. On Indian exchange WazirX, BTC traded at ₹60.03 lakhs.

Ethereum and Altcoins Rise

Ethereum (ETH), the second-largest cryptocurrency, also experienced a modest uptick, with its price standing at $3,305.15, representing a 1.50% increase. On WazirX, ETH traded at ₹2.97 lakhs.

Dogecoin (DOGE), a meme-inspired cryptocurrency, registered a 2.09% growth over the past 24 hours, currently priced at $0.1759. On WazirX, DOGE traded at ₹15.86.

Litecoin (LTC) witnessed a 1.35% gain, trading at $99.09 at the time of writing. On WazirX, LTC traded at ₹8,806.51.

Ripple (XRP) surged by 3.84% over the past 24 hours, bringing its price to $0.5858. On WazirX, XRP traded at ₹52.20.

However, Solana (SOL) faced a slight decline of 0.76%, trading at $179.42. On WazirX, SOL traded at ₹16,497.07.

Top Gainers and Losers

Top Gainers (Past 24 Hours):

• Peddle (PENDLE): 26.64%
• Bitcoin Cash (BCH): 14.11%
• eCash (XEC): 12.33%
• Mantle (MNT): 10.44%
• Ethereum Classic (ETC): 8.65%

Top Losers (Past 24 Hours):

• Core (CORE): 20.49%
• Wormhole (W): 16.19%
• Bitget Token (BGB): 8.53%
• Dogwifhat (WIF): 8.10%
• Jupiter (JUP): 7.87%

Market Outlook

The global crypto market capitalization stood at $2.53 trillion at the time of writing, reflecting a 2.51% increase over the past 24 hours.

Industry experts are closely monitoring the upcoming US jobs report, which is anticipated to significantly influence market sentiment and price movements.

Analyst Commentary

Edul Patel, Co-founder and CEO of Mudrex, stated that while Bitcoin briefly touched the $69,000 mark, it has since stabilized around $67,500. Patel highlighted the importance of the US jobs report and suggested that a close above $69,000 could pave the way for further gains, while support remains around $65,500.

Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, noted that Bitcoin's recovery attempt is supported by hawkish commentary from the Federal Reserve regarding rate cuts. Chaturvedi suggested that a failure to rise above $69.3k could lead to another decline, with immediate support at $67.2k.

Rajagopal Menon, Vice President of WazirX, expressed concerns despite Bitcoin's recent surge, stating that it signals potential danger. Menon emphasized the resilience of Ethereum, which continues to trade around $3,280.

Shivam Thakral, CEO of BuyUcoin, predicted that Bitcoin could make a new all-time high in the lead-up to the halving event, which is approximately two weeks away. Thakral also suggested the possibility of a significant correction and the formation of a new bottom before a reversal phase begins.

Disclaimer: Crypto products and non-fungible tokens (NFTs) are unregulated and highly risky investments with potential for substantial losses. Cryptocurrency is not a legal tender and is subject to market fluctuations. Investors are advised to conduct thorough due diligence, seek expert guidance, and carefully consider their financial situation before making any investment decisions. Crypto market predictions are speculative in nature, and investing carries the risk of personal financial loss.