Weekend Market Watch – Altcoins soar as Bitcoin recovers above $64K
Release: 2024/05/05 01:24 Reading: 484
Cryptocurrency Surge Follows Positive Jobs Data
Following a week of declining trends, Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) experienced a surge in trading on Saturday afternoon. The rise in crypto values coincided with the release of April 2024 jobs data by the U.S. Labor Department.
The U.S. economy added 175,000 jobs last month, resulting in a slight increase in the unemployment rate to 3.9%. Experts had predicted the addition of 235,000 new jobs and a 3.8% unemployment rate.
Altcoins Dominate
Bitcoin experienced a tumultuous trading week with significant price drops on multiple occasions. The market bulls made a strong comeback, successfully reclaiming their dominance by surpassing the $60K mark. BTC is now trading at approximately $63,000.
The top performers among the largest altcoins were found in the meme coin sector. DOGE, the first and largest of the cohort, has experienced a significant increase of over 20% following Tesla's announcement that it will accept DOGE as a form of payment.
ETH and BNB have both experienced a notable increase of approximately 3.5%. As a result, the price of ETH has surged to over $3,127, while BNB is currently trading at $590.
Bitcoin Market Performance
Bitcoin's price has experienced significant fluctuations over the past few weeks. The price of BTC has experienced a significant rebound of over 12.50% within a span of three days, following a recent dip to a two-month low of around $56,550. It has now surged past $64,000 as of May 4.
The recent upturn has been primarily driven by the U.S. Federal Reserve's pledge to keep interest rates steady until 2024. In addition, the latest U.S. employment data shows a decrease in jobless claims to their lowest point since mid-February, which has contributed to the continued upward trend in Bitcoin's price.
Outlook
Some members of the Bitcoin market are hopeful for a sustained BTC bull run in the upcoming months. However, it is important to note that certain factors that have been driving the market may be losing momentum, which could have a negative impact on valuations in the future.
Recent news
More>- 60.9 Billion Dogecoin (DOGE) in 24 Hours, What's Happening? 11-27
- Historic Milestones: Bitcoin approaching $100,000 and Pepe Unchained secures over $52 million in presale 11-27
- UK’s financial regulator to implement final crypto rules by 2026 11-27
- Dogecoin’s Dogebox Will Revolutionize Everyday Transactions in 2025 11-27
- From Dogecoin to Dogen: The 10,000% Rally Everyone Is Talking About! 11-27
- Bets.io – one of the most wonderful and safe online crypto-casinos 11-27
- This week’s crypto opportunities: Buy signals for XRP, LINK, and XYZ 11-26
- Trump’s Pet Pepe (TRUMPEPE) Solana Memecoin Will Rally 18,000% Before Exchange Listings, As Shiba Inu and DOGE Lag 11-26
- Analyst Predicts This Layer-2 Meme Coin Could Surge 150X at Launch 11-26
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com