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- US Jobs Miss leads to an increase in cryptocurrency values.
- Bitcoin loses its steam while Altcoins dominate
- Ether continues its meteoric rise
It is often said that one man’s loss could become another’s gain. It was what happened when the data about US Jobs were released. The U.S. economy added 266,000 jobs in April, missing estimates of a 1 million gain.
Coindesk
CoinDesk reports that as traders looked towards additional; Fed support after the U.S. jobs miss, Bitcoin rose by 2% in the past 24 hours. Altcoins continued to outperform. The S&P 500 and Nasdaq also ended the day in the green. Safe instruments such as Treasury bonds sold off.
According to a report on CoinDesk, the April jobs miss implies that economic recovery is still on shaky grounds, and easy money from the Feds will continue the rally across risk assets.
CoinDesk quoted Fed Chair Jerome Powell, who termed the rising inflation as a transitionary phase. He added that the tightening by the U.S. central bank would depend upon several factors, including the labor market conditions.
Investors look beyond bitcoins and prefer altcoins
Bitcoin is inevitable and precious metals like gold and silver also hit a fresh high. It was stated by Mati Greenspan, founder of Quantum Economics, in his daily newsletter. Increased speculation has prompted investors to look beyond bitcoins, and altcoins are now taking the lead.
Greenspan revealed that people directly put the funds in bitcoin when the last stimulus package was announced. This time they instead prefer Dogecoin.
Bitcoin dominance continues to fade.
Coindesk reports that bitcoin dominance rates have gone down below the 50% threshold, the lowest since July 2018. The altcoin season Etherium is continuing to rise, and Adam Morris, co-founder of Crypto Head, feels that it could see an all-time high towards the end of the year. Ether futures volume approached $1 billion. The second-largest cryptocurrency reached $3,500. ETH is up about 28% over the past seven days compared to BTC’s gain of 1.5%.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
