Major cryptocurrencies surged on Monday in response to the release of softer-than-expected US jobs data, sparking renewed hopes of potential rate cuts by the Federal Reserve later in the year.
Bitcoin Breaks Through $64,000 Barrier Bitcoin, the world's largest cryptocurrency, experienced a notable 1.5% increase, soaring to an impressive $64,340 on Monday. Following suit, Ethereum, the second-largest digital token, saw a significant 3% rise, reaching $3,184.
Altcoins Follow Suit In addition to Bitcoin and Ethereum, several other prominent altcoins witnessed substantial gains. BNB climbed by 1.9%, Solana surged by 2.8%, XRP saw a 1.3% increase, Dogecoin experienced a 2.2% rise, Toncoin surged by 6.8%, Shiba Inu saw a 1.4% increase, and Polkadot jumped by 4.5%.
Expert Insights Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, commented on the recent market trends, stating, "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 M.Cap. 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."
Stablecoin Dominance Data provided by CoinMarketCap reveals that the combined volume of all stablecoins currently stands at a staggering $44.5 billion, constituting a significant 90.46% of the total 24-hour trading volume in the cryptocurrency market.
By harnessing the momentum fueled by the softer US jobs data, major cryptocurrencies have experienced notable gains, driving Bitcoin to surpass the $64,000 mark and pushing the overall cryptocurrency market cap to surpass $1.265 trillion. As investors continue to monitor economic indicators and central bank policies, the cryptocurrency market remains poised for further developments and fluctuations in the days ahead.
