Not Bitcoin But Altcoins Lead Rally As US Labour Market Cools Down

Bhushan Akolkar
November 4, 2023
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On Friday, November 3, the US labor market released the October jobs data, indicating noticeable signs of cooling down. This news was well-received on Wall Street as it suggests a potentially less aggressive stance by the Federal Reserve regarding its monetary tightening policy in the future

The cooling down of the bond yields and the labor market didn’t have much impact on the Bitcoin price. Over the last 24 hours, the BTC price has shown negligible movement of 0.17% trading at $34,726 with a market cap of $677 billion.

Positive Macro Developments for Bitcoin

As reported, the recent movements in the BTC price have been largely due to the macro shifts taking place in the global economy. On Friday, the S&P 500 surged approximately 1%, marking its most impressive performance in 2023. Over the last week, the S&P 500 has surged by 4% showing impressive gains and market confidence.

As on-chain data provider Santiment reported, the S&P 500 enjoyed a significant week as Bitcoin and Ethereum’s momentum subsided. As different sectors take the spotlight, the upcoming week will reveal if the crypto market remains correlated with equities or if assets are poised for a bull run. It is likely that the Bitcoin price will also catch up with the S&P gains, with some analysts already predicting a massive $200K price target.

Courtesy: Santiment

The market’s “fear gauge,” the VIX, experienced its most significant five-day decline in 21 months. Treasury yields rose across the board, with two-year yields falling by 16 basis points to 4.83%. The dollar’s value saw its most substantial drop since July, while oil prices dipped below the $81 per barrel threshold.

According to Fed swaps, traders are currently assigning a mere 16 percent probability of another interest rate hike by January. Moreover, they have completely factored in a rate cut by June, shifting it forward from the earlier expectation of July.

Altcoins Pose Strong Rally

While Bitcoin remains steady, altcoins have taken the lead with the falling bond yields. Ethereum (ETH) is up 2% regaining the $1,800 level. On the other hand, top performers like Solana (SOL), Cardano (ADA), and Chainlink (LINK) have gained between 3-5%.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.