Recently, a notable surge has been observed in the cryptocurrency market. According to labor data released last week, 227000 new jobs were added in the US in November
The cryptocurrency market has seen a notable surge recently, which could be further fueled by strong labor data.
Last week’s report showed that the US payrolls increased by 227,000 in November, exceeding the market anticipations of 220,000. Furthermore, the unemployment rate rose to 4.2% from the previous month’s low of 4.1%.
Last week, Bitcoin surged to $103,900, surpassing its previous all-time high of $100,000. This rally commenced with positive expectations regarding cryptocurrency regulations in the US. As the market continues to heat up, it is anticipated that both Bitcoin and altcoins will gain further value and achieve new highs.
Experts in the cryptocurrency sector are noticing trends that could influence investor sentiment. According to Ali Martinez, Bitcoin could still rally to $112,926 based on technical trends. He highlighted that the market is becoming stronger as whales continue accumulating large amounts of BTC.
“Accumulation by Bitcoin whales is exhibiting parabolic behavior.”
In addition to the labor market data, another key economic indicator to watch is the PPI, which is a measure of inflationary pressures in the economy. Economists expect the PPI to remain at the same level as the previous month when the data is released on December 12.
Another interesting fact shared by Ki Young Ju, the CEO of CryptoQuant, is about South Korea's cryptocurrency market. It is the second-largest in the world, and an overwhelming majority (93%) of the trading volume in Korea is dedicated to altcoins.
Overall, the inflation data from the US seems set to play a crucial role in the cryptocurrency market. Investors believe that based on these results, new records could be set for Bitcoin and altcoins. Besides the impact of economic indicators on market sentiment, experts' positive predictions are also adding to investor optimism.
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