Bitcoin Price Prediction as $10 Billion Trading Volume Floods In – Are Whales Buying?
Bitcoin (BTC), the leading cryptocurrency in the world, dropped to the $28,000 level from the $28,300 level on Thursday. Bitcoin's previous upward rally slowed after gaining 20% in March, its biggest month since January.
Bitcoin reached a high of $29,173 in March, but it was a short-lived spike. In the meantime, the Ethereum price dropped from $1,941 to $1,870 on Thursday. However, it increased by 10.6% in March and by 56% this year.
Although, traders seem to be hesitant to place any strong bids in BTC as investors awaited the release of the US non-farm payroll data, which is set to be released on the day.
However, the US non-farm payroll data release will likely significantly impact the cryptocurrency market as it is considered a leading economic indicator.
If the US non-farm payroll data shows that the US country's economy is creating jobs at a healthy rate, this will be viewed as a positive indicator of the overall health of the economy. Thereby, investors will likely gain confidence in the economy and increase their investments in various assets, such as cryptocurrencies like Bitcoin.
In contrast to this, if the data reveals weaker job growth than expected, it may lead to decreased investor confidence and a sell-off in different asset classes, including cryptocurrencies.
Furthermore, upgrading Ethereum to a more efficient "proof-of-stake" algorithm will likely impact the cryptocurrency market, including Bitcoin and Ethereum.
If this upgrade is successful, it will push more people to use Ethereum, boosting demand and raising the cryptocurrency's price.
The global cryptocurrency market has been doing well in recent months, reaching a value of $1.20 trillion. However, it dropped to $1.18 trillion soon after because
Read more on cryptonews.com
