• Bitcoin is trading higher on Friday as certain cryptocurrencies break trend ahead of the US unemployment report.
• Ethereum has broken the downwards trendline with bitcoin and has returned to the levels from May 21 & September 17.
• Altcoins like Arbitrum, Injective Protocol, Ocean and Lido are also running strongly right now.
Bitcoin Trading Higher on Friday
Bitcoin is trading over 1% higher on Friday as certain cryptocurrencies have broken their trends before the US unemployment figure is released later today. The forecast for this figure is for a rise to 3.5%, however even amidst this gloomy period Bitcoin looks as though it has entered its bull market and current times are perhaps good ones for accumulating ahead of a possible descent into recession next year. Currently, Bitcoin’s price is at just over $27,000.
Ethereum Dominance Breaks Higher
Ethereum looks as though it is making its move in order to steal the show from bitcoin. Ethereum has broken the downwards trendline with bitcoin that has been in force since early January this year and its dominance has also broken higher and returned to the levels seen in early January and even as far back as September 17. A solid accumulation above this level can potentially see ethereum route to a flippening of bitcoin.
Altcoins Running Strongly
Many of the altcoins are running strongly right now too; Arbitrum (up 8%), Injective Protocol (up 10.5%), Ocean (up 7.4%) and Lido (up 7.3%). These tokens have all climbed significantly since May 29th!
Federal Reserve Watching Jobless Count
The Federal Reserve will be watching closely when they release their jobless count later today – one of the main figures they look at before deciding whether or not an interest rate hike needs to happen – so we can expect some volatility if there’s an unexpected result here today!
This article is provided for informational purposes only and should not be used as legal, tax, investment, financial or other advice.