Following the release of the positive Non-Farm Employment Data, the crypto market turns bullish.
As per statistics, total non-farm payroll employment climbed by 261,000 in October, while the unemployment rate jumped to 3.7 percent.
As a result, the prices of the top two cryptocurrencies, Bitcoin & Ethereum, turn green.
As a result, the global crypto market cap stood up above the psychological $1 trillion level, and the prices of the top two coins – Bitcoin (BTC) and Ethereum (ETH) – turn green.
At the time of writing, the global cryptocurrency market cap jumps 0.8% in the last 24 hours to $1.07 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $86.83 billion.
The crypto market leader, Bitcoin price is currently trading at $20,683. This follows a 2.39% increase in the last 12 hours. As a result, its market capitalization stands at $393.5 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,597.6, which increased by 4.49% in the last 12 hours.
Cryptocurrencies Price Action
The price of Solana (SOL) has increased by 6.83% in the last 12 hours. SOL is currently ranked 10th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $32.77.
However, the price of Dogecoin (DOGE) has plummeted by 6.5% in the last 12 hours. DOGE is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of DOGE was trading at $0.1215.
Polygon (MATIC) continues to gain traction among cryptocurrency traders and influencers. It increased by 20% in the last 12 hours and is currently trading at $1.15.
What Turns Crypto Market Bullish?
According to the U.S. Bureau of Labor Statistics, total non-farm payroll employment climbed by 261,000 in October, while the unemployment rate jumped to 3.7 percent. Significant job growth happened in health care, professional and technical services, and manufacturing. This positive data triggered the broader cryptocurrency market to surge significantly.
Major Events Around The World
On November 4, an American media outlet reported that a class action lawsuit had been filed against Elon Musk's proposal to layoff half of the Twitter workforce.
Coinbase reported on Thursday (Nov 3) that its third-quarter sales fell short of analysts' estimates and resulted in a larger-than-expected loss.
As per Canada’s monetary report, the Canadian federal government plans to launch a consultation on cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).
COINGABBAR VIEWS: As we earlier reported, today's US Non-Farm Employment report might change the trend of the broader crypto market. However, there is still high volatility in the market. As a result, experts predict that it might turn from bullish to bearish in the times to come.
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