BTC Advances Towards $28K Ignoring US Jobs Data
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) are gaining strength in recent times despite of unsupportive factors. In Asian trades, their prices have maintained firm tone overcoming initial jolt. Stronger than expected jump in the U.S. jobs data sent prices of key protocols lower momentarily. Soon, there was all round recovery.
Bitcoin (BTC), the world’s most valuable cryptocurrency, is once again eyeing for $28,000 mark. Initially, BTC lost nearly 2% to below $27,300 on news that the U.S. economy added 336,000 jobs in September, almost doubling economist expectations. It has rebounded strongly since then and is currently resting at around $27,917.22, up 1.41%.
Ethereum (ETH), the second largest crypto in market value, was quoting 1.33% higher at $1,643.41.
Analysts say BTC eschewed its correlation with long-duration bonds and equities, bringing back its “digital gold” narrative.
Earlier bond and crypto prices used to move in tandem but off late that relation has flipped. This suggests, the market is reevaluating bitcoin’s value proposition amid global uncertainty, analysts added.
Elsewhere, Layer 1 network Avalanche’s AVAX and Solana’s SOL led the market rebound among major altcoins, gaining 6% and 3.8%, respectively.
The global crypto market cap increased 1.50% to $1.1 tn, over the last 24-hours. Similarly, the total crypto market volume rose 3.60% to $26.55 bn. The total volume in DeFi is currently $2.1 bn and all stablecoins $24.38 bn, representing 7.89% and 91.84% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.10% to 49.76%.
IC15 index, the barometer of top fifteen tokens, surged 1.47% to 35,761.54.
Meanwhile, Caroline Ellison, the former CEO of hedge fund Alameda Research and on-and-off girlfriend of Sam Bankman-Fried, is likely to be the next witness to testify on behalf of the government in its trial against the former crypto mogul, following former FTX executive Gary Wang.
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