Bitcoin, Ethereum, Dogecoin Trade Mixed, All Eyes On NFP Report
Major cryptocurrencies traded mixed at the time of writing as the global cryptocurrency market cap rose marginally by 0.06% to $1.2 trillion.
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| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.2% | -0.9% | $28,088.43 |
| Ethereum ETH/USD | -0.9% | 3.7% | $1,882.56 |
| Dogecoin DOGE/USD | -6.3% | 14.6% | $0.086 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Terra Classic (LUNC) | +6.4% | $0.00013 |
| Maker (MKR) | +4.4% | $718.70 |
| Casper (CSPR) | +4.2% | $0.043 |
See also: How to buy Bitcoin with eToro
Why it matters: Bitcoin was trading in the green, while Ethereum was in the red at 9:16 PM EDT Thursday.
“Bitcoin looks like it’s waiting for the right time to shine. When a bunch of markets will be closed, we’ll see if traders will look to take advantage of the one market that trades 365 days a year,” said Edward Moyasenior market analyst at OANDA.
Moya said the apex coin remained near the “upper limits of the trading range and could see a good chance to break the $30,000 level over the weekend when some of the derivatives are not actively traded.”
“If [Non-Farm Payroll] report misses massively and supports the idea that the economy is in worse shape, we could see that giving a big boost to crypto,” Moya said.
The NFP report is due for release at 8:30 a.m. EDT on Friday, but US stock markets are closed for the Good Friday holiday.
Economists expect 239,000 payrolls to be added. The figure will follow a warmer-than-expected print in February when the U.S. added 311,000 jobs, which was above economists’ estimate of 200,000.
Michael van de Poppe said Thursday that unemployment claims may come in higher than expected. The cryptocurrency trader said the unemployment rate is likely to come in at 3.7%-3.8% as the effects of monetary tightening begin to emerge in the US.
Supplier of analysis data in the chain CryptoQuant said Ethereum open interest has hit a 6-month high as the Shanghai upgrade approaches.
Sentiment tweeted that Bitcoin is “spanning after topping out” at $28,700 and traders are “trading at a loss at twice the profit rate.” The Market Intelligence platform said this is “the first time this ratio has been negative in 5 weeks and is indeed a good sign that [FOMO’ers] giving up on the rally.
Meanwhile, on-chain data provider Glass node said one method of measuring market demand was the value of fees investors are willing to pay to process their transactions.
“For now, the 90d is the Simple Moving Average [SMA] for fees exceeds the annual average, indicating that new demand is entering the market,” Glassnode said on Twitter.
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