Bitcoin is trading 1% higher on Friday and certain cryptocurrencies have bucked the trend before the US unemployment figure is released later today.
Worse unemployment figure expected
With Federal Reserve Chairman Jerome Powell hinting that he's okay with the economy going into recession and "things breaking down" as long as inflation can be beaten, it looks like the US is entering a risk aversion period for quite some time.
One of the main numbers the Fed looks at before deciding whether the economy needs another interest rate hike is the unemployment count. The forecast here is for a rise to 3.5% from 3.4% previously.
However, even in the midst of this bleak period, Bitcoin still seems to have entered its bull market and the current times are perhaps good to build up before a potential dip into recession next year.
Bitcoin wakes up positive
Bitcoin woke up this morning in a positive mood and is moving higher again in its sideways range of around $25,800 to $27,670. The current price is just over $27,000.
Ethereum to steal the show
Either way, it looks like ethereum is making its move to steal the show from bitcoin. Ethereum has broken the downtrend line with bitcoin that has been in place since early January of this year.
Ethereum dominance has also risen and is back to the levels that were also seen in early January, but much more importantly, these are the same levels as on May 21 and even on September 17. A continued strong build above this level can potentially see ethereum on the way to a bitcoin reversal.
altcoins running
Many of the altcoins are running strong right now. Arbitrum, the ethereum layer 2 solution, is up about 8% at press time. It is rumored that Andrew Kang, a big holder, took advantage of his position to buy more.
Injective Protocol is an altcoin that just runs and runs. It is currently up 10.5% on the day. Ocean, one of the AI-related plays, is up 7.4% today, after being up 27.7% since May 29 alone.
Lido, the largest of the liquid staking tokens, another really attractive niche, is up 7.3% currently.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
