The cryptocurrency market witnessed a bullish trend led by bitcoin and ether on Friday, with the market capitalisation gaining 0.5 percent to reach $2.4 trillion as of 1310 hours GMT.
Bitcoin, the largest cryptocurrency, hit the highest level since May 12 of $56,100 before settling at $54,727 with a gain of 1.53 percent. With this increase in price, the market capitalisation of the biggest cryptocurrency reached 1.03 trillion.
Likewise, ether (ETH) price increased by 0.91 percent to reach $3,592. With this increase in price, the market capitalisation of ETH has reached $421.6 billion.
However, XRP price slipped by 0.22 percent to reach $1.07. The market capitalisation of XRP stands at $106.8 billion after this decrease.
Likewise, cardano (ADA) price shed 1.50 percent to reach $2.26. Its market capitalisation has decreased to $73.2 billion after this decrease.
Similarly, dogecoin (Doge) price went down by 2.28 percent to reach $0.244. With this decrease in price, the market capitalisation of doge has reached $32 billion.
According to experts, bitcoin rallied to a five-month high Friday ahead of a monthly US jobs report that cemented expectations the Federal Reserve (Fed) will start unwinding crisis-era stimulus starting in November.
The US non-farm payrolls (NFP) report showed that NFP in the US rose by 194,000 in September. This reading missed the market expectation of 500,000 by a wide margin. On a positive note, August’s print of 235,000 got revised higher to 366,000.
Further details of the publication revealed that the unemployment rate declined to 4.8pc from 5.2pc in August, compared to analysts’ estimate of 5.1pc. Additionally, the Labour Force Participation Rate edged lower to 61.6pc from 61.7pc and the wage inflation rose 4.6pc on a yearly basis as expected.
Bitcoin has gained over 26 percent this month. This month’s rally has already propelled bitcoin’s market capitalisation back up above $1 trillion. According to analysts, the fourth quarter is historically bitcoin’s best, with an average return of 119pc starting from 2011.
The American author John Maxwell has nicely advised leaders, “You must be big enough to…
As cheers of spectators reverberate, Ravi Jeep Rally becomes more than just a sporting event…
In a welcome development for travelers, flights operated by Pakistan International Airlines (PIA) in the…
“Agriculture, as a sector, hold the key to prosperity, food security, and the socioeconomic upliftment…
Months after a witty, holier-than-thou, jack-of-all-trades caretaker government retreated from the executive, repeated horrors from…
For all those hoping to see matured Pak-India relations enter a new chapter of normalisation,…
Leave a Comment