The major cryptocurrencies displayed a mixed performance on Thursday evening. While the world’s largest cryptocurrency Bitcoin appeared to be correcting, altcoins were surging ahead.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -1.05% | $43,475 |
| Ethereum (CRYPTO: ETH) | +5.52% | $2,367 |
| Dogecoin (CRYPTO: DOGE) | -0.39% | $0.096 |
What Happened: Bitcoin’s rally came to a brief pause on Thursday as it dipped to $43,000 after reaching a high of nearly $45,000 earlier this week. This slight decline suggests that traders may have chosen to take some profits following the cryptocurrency’s significant surge from $38,000 just a week ago.
ETH, on the other hand, surged by 5% during the same time frame, marking its highest price point since May 2022.
In other news, Montenegro’s chief legal officer has announced their intentions to extradite Do Kwon to the United States, thus bypassing South Korea. This update comes as reported by The Wall Street Journal, citing sources familiar with the matter.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bonk | +78.55% | $0.00001001 |
| Optimism | +71.20% | $2.16 |
| Gnosis | +16.25% | $227.27 |
The global crypto market cap has reached $1.58 trillion, marking a 1.26% decrease in the last 24 hours.
Stocks rallied on Thursday, breaking three-day losing streaks for both the Dow Jones Industrial Average and the S&P 500, as investors eagerly awaited Friday’s crucial jobs report. The S&P 500 rose by 0.80% to reach 4,585.59, while the Dow gained 62.95 points, or 0.17%, closing at 36,117.38. The Nasdaq Composite outperformed, surging 1.37% to 14,339.99, fueled by strong performance from technology stocks.
Throughout this week, investors have closely monitored the job market. Thursday’s release of weekly jobless claims indicated that the pace of layoffs has not increased, as both the claims themselves and continuing jobless claims were lower than expected. The market initially reacted with concern, leading to a slight increase in the U.S. 10-year Treasury yield, which currently stands at 4.148%.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe suggests that Ethereum is beginning to rally against Bitcoin. According to Van de Poppe, “the period prior to the Bitcoin halving, 3-8 months…
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