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Market Status: Bitcoins close to $ 58,000, volatile instruments

New market data show that the price of Bitcoin has entered a stabilizing phase. On the other hand, the high volatility of altcoins and its coincidence with the decrease of bitcoin dominance in the market, proves the season of altcoins.

to the Quoted A new US government report from CoinDesk shows that 266,000 jobs were created in April. This is despite the fact that it is estimated that we will see the creation of 1 million jobs this month. The report increased the likelihood that the Fed will continue its quantitative easing policies. According to experts, this issue caused a 2% increase in the price of bitcoin in the last 24 hours. The S & P500 and Nasdaq also climbed yesterday. This was accompanied by increased sales pressure in safe markets such as Treasury bonds.

The government’s report on jobs created in April could be a sign of a fragile economic recovery, which means that quantitative easing policies and the Federal Reserve support package may lead to further growth in assets such as bitcoin and stocks. Federal Reserve Chairman Jerome Powell has previously said the rise in inflation is temporary. According to him, the continuation or cessation of monetary policy is related to various factors such as the state of the labor market.

Mati Greenspan, co-founder of Quantum Economics, wrote in his daily newsletter:

Cannot answer bitcoin [به این اتفاقات] Denied. Even gold and silver reached new heights.

Speculation in connection with recent news has led to the influx of capital not only into bitcoin, and also to take advantage of this opportunity. Greenspan wrote about this:

In the previous round of sponsorship packages, there was a lot of talk about people investing the proceeds directly into Bitcoin. This time the destination is Dogecoin.

Bitcoin traded up 3.2 percent to $ 57,700 in the last 24 hours. During this period, the maximum and minimum prices of Bitcoin were at 55,321 and 58,724 dollars, respectively. Ethereum, meanwhile, has fluctuated 1.5 percent over the same period and is currently trading in the $ 3,500 range. Ethereum fluctuated between $ 2,261 and $ 3,590 during this period.

Bitcoin price

The price of Bitcoin rose to over $ 57,000 after the announcement of the state of affairs in the United States. Shortly afterwards, however, Bitcoin sought to maintain support at $ 58,000, but failed.

The technical condition of the bitcoin chart reinforces the possibility that we will see an increase during the last days of this week, and if the price accelerates enough, bitcoin may rise to $ 60,000.

Traders are now focusing on the coin market, which has pushed bitcoin into the price-stabilization range.

Bitcoin dominance continues to decline

Bitcoin dominates the market
Bitcoin dominates the market

Based on Bitcoin’s market share, which is known as market dominance, it can be said with certainty that the current period is the season of the coins. It is worth noting that the dominance of Bitcoin in the market is currently below 50%. This is the lowest bitcoin dominance in the market since July 2018.

Crypto Head co-founder Adam Morris writes:

Historically, it has always been the case that bitcoin peaks and then falls, at which point the penny season begins.

He added:

Such are the currencies that lose 95% of their value when the market falls; What we saw in the fall of 2018.

Maurice Dogecoin’s speech was targeted. The price of Dogecoin managed to rise to the fourth rank of the top digital currencies in the market after a sharp rise.

In another part of his speech, he said:

On the other hand, it is likely that the Ethereum will continue to grow, and if history repeats itself, it is likely that by the end of the year [میلادی] Let’s see the new peaks in Ethereum prices.

$ 1 billion in Ethereum futures contracts

Ethereum futures traded close to $ 1 billion on Tuesday. This coincided with the price of Ethereum reaching $ 3,500. Ethereum has grown 28% in the last 7 days, while the price of Bitcoin has grown only 1.5% in the same period. The high volume of futures indicates that professional traders are more interested in a market for speculation or protection of their assets.

In forex markets, traders also anticipate more volatility for Ethereum compared to Bitcoin. These predictions are based on the implicit distribution of one-month Ethereum / Bitcoin fluctuations.

Implicit distribution of one-month Ethereum / Bitcoin fluctuations

Other markets

The digital currency market has been predominantly green for the past 24 hours. Meanwhile, Chainlink with 6.7% and Nucypher with 4.8 ascents, performed well. On the other hand, IAS with 19% and Bitcoin Cash with 9.8% fell, inflicting the most losses on investors.

The S & P500 index rose 0.7 percent yesterday, while the US jobs report did not show any interesting results. However, some economists have suggested that the US employment situation may not reach the expected levels, which may reflect the employers’ difficulty in recruiting at current wages.

Oil rose 0.1 percent to $ 65 a barrel. The gold market was also green, growing 0.8 percent to $ 1,832.

The US Treasury Department’s 10-year bond yield rose 0.01 percent to 1.58.


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