Bitcoin Price Today: Major cryptocurrencies saw a spike as expectations, on Monday, that the US Federal Reserve will likely lower interest rates this year were reaffirmed by weaker-than-expected employment statistics. At 3:30 pm, the second-biggest digital token, Ethereum, gained 1.83% to $3,205, while Bitcoin, the largest cryptocurrency by market value, increased by 2.36% to $65,221.
Furthermore, a number of other well-known cryptocurrencies had increases as well: BNB increased by 1.77%, Solana by 6.97%, XRP by 2.4%, Dogecoin increased by 4.27%, Toncoin increased by 5.94%, Shiba Inu increased by 3.21%, and Polkadot increased by 4.65%.
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.
What expert said?
The crypto market has rebounded from last week’s dip on the back of the recent US jobs data that was much lower than the forecasts and signals towards a slowing economy. With a slower economy, inflation is bound is slow down leading to lower interest rates. The top 10 cryptos by MCap. are trading in green. Additionally, recent market trends indicate a balance between price shifts and liquidations, signaling market stabilization. BTC seems to be consolidating around $64k. However, the key resistance level remains around $65k.
Bitcoin market cap increased
According to statistics available on CoinMarketCap, the total amount of stablecoins is currently $44.5 billion, or 90.46% of the 24-hour volume of the whole cryptocurrency market. The largest cryptocurrency in the world, Bitcoin, had its market capitalization increase to $1.265 trillion in the past day. Currently, 53.23% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC dropped 7.7% to $18.2 billion in the past day,