Major cryptocurrencies rallied on Monday after softer-than-expected US jobs data renewed bets that the Federal Reserve would likely ease rates this year.
Bitcoin, the largest cryptocurrency by market value, rose 1.5% to $64,340, while the second-largest digital token, Ethereum, gained 3% to $3,184.
In addition, several other popular altcoins also experienced gains, with BNB rising by 1.9%, Solana by 2.8%, XRP by 1.3%, Dogecoin by 2.2%, Toncoin by 6.8%, Shiba Inu by 1.4%, and Polkadot by 4.5%.
Crypto Tracker
The Labor Department's employment report showed the U.S. economy added fewer jobs than expected, while the unemployment rate ticked higher and wage growth unexpectedly cooled.
Edul Patel, CEO of Mudrex, said, "Bitcoin bounced back to $64,000 after hitting the lowest at $56,000 level the last week. Bitcoin saw a rise after the US April jobs report arrived cooler than expected."
"The immediate resistance lies at the $64,500 level, while the support lies at the $62,400 level. It is likely that we might see Bitcoin trading sideways between $62,000 and $66,000 this week," Edul said.
Similarly, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, remarked, "The crypto market has bounced back from last week's dip, driven by the recent US jobs data indicating a slower economy than forecasted. A slowing economy typically leads to decreased inflation and lower interest rates. BTC appears to be consolidating around $64k, with the $65k level remaining a key resistance."
The volume of all stablecoins is now $44.5 billion, which is 90.46% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.265 trillion. Bitcoin's dominance is currently 53.23%, according to CoinMarketCap. BTC volume in the last 24 hours fell 7.7% to $18.2 billion.
Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Technical analysis indicates bullish momentum, supported by breaching the 50-day EMA at $61,999 and a "three white soldiers" candlestick pattern.
Key resistance levels at $66,796 and $69,328 are potential targets, with $61,735 serving as crucial support. Despite a descending channel of around $63,200, a breakout could drive Bitcoin towards higher resistances. Support levels at $59,550 and $56,625 provide stability on the downside.
The RSI at 61 suggests further upside potential without being overbought. Overall, Bitcoin appears strong, particularly if it maintains levels above $64,365.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
FAQs
Bitcoin's price rise today follows massive liquidations of short positions in the crypto futures market. Notably, the broader market witnessed over $114.40 million in short liquidations in the past 24 hours, compared to $96.96 million in long liquidations.
Why is Bitcoin rising? ›
This surge reflects renewed confidence and interest in the cryptocurrency market, attracting attention from investors worldwide. The rapid ascent of Bitcoin underscores the volatile nature of the crypto market and highlights the potential for both substantial gains and losses.
What has Bitcoin peaked at? ›
Bitcoin BTC/USD price history up until Aug 16, 2024
Bitcoin (BTC) price again reached an all-time high in 2024, as values exceeded over 73,000 USD in March 2024.
Why is Bitcoin falling? ›
Bitcoin's decline has been mostly driven by fear around the U.S. government's potential sale of the bitcoin it seized, while the risk-off sentiment across markets also weighed on the crypto, said Mark Connors, head of global macro strategy at crypto custody firm Onramp.
Who owns most of the bitcoins? ›
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Which crypto will boom in 2024? ›
Top 10 Cryptos in 2024
| Coin | Market Capitalization | Current Price |
|---|
| Solana (SOL) | $68 billion | $147 |
| Ripple (XRP) | $34 billion | $0.6 |
| Dogecoin (DOGE) | $15 billion | $0.15 |
| Cardano (ADA) | $12.3 billion | $0.33 |
6 more rows5 days ago
If this pattern continues into 2030, the price could peak around 2029 or 2030, potentially aligning with Wood's price prediction. If Wood is correct and Bitcoin reaches $3.8 million, a $100 investment in Bitcoin today would be worth $5,510 in 2030. This translates to a compounded annual growth rate (CAGR) of over 95%.
How high can Bitcoin go? ›
“Based on the current market trend, it is possible that bitcoin may reach up to $100,000 by the end of 2024 and could potentially surpass $200,000 by the end of 2025,” Collins said. Unfortunately, he said it's unlikely bitcoin's momentum in 2023 and 2024 will continue indefinitely.
When did Bitcoin reach nearly $20,000? ›
But it made its actual move in the final quarter of 2020. It shattered its all-time high by breaching $15,000 in November 2020, moving above $20,000 in December 2020, and ending the year at around $29,000 with a market cap of more than $539 billion.
How much will $50 of Bitcoin be worth in 5 years? ›
After five years, the $50 investment might be worth around $67.20. If the price of Bitcoin were to climb at a rate of 25% each year, the initial investment of $50 might be worth around $129.70.
Ethereum (ETH)
Most cryptocurrency investors are aware of it because it has been the second-largest cryptocurrency after Bitcoin for a long time. Even while it's likely past the moment when Ethereum was considered among cryptos with 1000x potential, there's still a lot of potential for growth.
How much is the transaction fee for $1000 dollars in Bitcoin? ›
Most cryptocurrency exchanges charge between 0% and 1.5% per trade, depending on whether you're a maker (buyer) or taker (seller). That means that if you've dedicated $1,000 to invest in crypto, the fee you'll pay for that transaction, on average, could be anywhere from $0 to $15.
Is Bitcoin ever going to recover? ›
However, the price fell substantially afterward, resulting in a bearish phase that continued throughout 2022. Markets showed signs of recovery in 2023, with early 2024 optimism about Bitcoin potentially exceeding $100,000 following the fourth halving at block height 840,000.
Why is all crypto crashing? ›
The crypto market is in a significant surrendering phase, with Ethereum and Bitcoin experiencing sharp declines. The key market factors include political uncertainty, geopolitical tensions, economic data, and ETF performance.
What is the prediction for Bitcoin in 2024? ›
Max Keiser predicts Bitcoin to be worth $200K in 2024. Fidelity predicts one Bitcoin will be worth $1B in 2038. Hal Finney predicted $22M per Bitcoin by 2045.
Why is crypto pumping today? ›
The uptick in the crypto market coincides with accelerated short liquidations across derivatives markets in the last 24 hours. Data from Coinglass reveals that short traders—those betting on the crypto market's downside—have witnessed a total of $110.92 million worth of liquidations in the last 24 hours.
Why is Bitcoin rallying? ›
Bitcoin got a lift as investors grew more bullish about risk assets and a potential Donald Trump victory in November's U.S. presidential election, with the largest cryptocurrency by market capitalization climbing 13.5% over the past seven days.
What happened to Bitcoin today live? ›
Price of BTC today
The live price of Bitcoin is $ 58,413.21 per (BTC / USD) with a current market cap of $ 1,153.12B USD. 24-hour trading volume is $ 34.73B USD. BTC to USD price is updated in real-time. Bitcoin is +<0.01% in the last 24 hours with a circulating supply of 19.74M.
Is Bitcoin having issues today? ›
There is no ongoing event on the Bitcoin network.
