On the morning of December 3rd, Bitcoin struggled to break above the $17,250 level and has now dropped to $16,950, losing 1% in 24 hours. Similarly, Ethereum pulled back after flirting with $1,300 and is now at $1,275.
However, the capitalization of the global cryptocurrency market increased by 0.92% to $859.91 billion, and the total trading volume over the past day reached $38.08 billion, which is 10% less than the previous day.
The total volume of DeFi is $2.84 billion, which is 7.5% of transactions made in 24 hours. Stablecoins traded for $35.45 billion, or just over 93% of transactions.
The most notable gains and losses in the market
Among the cryptocurrencies that have risen in price over the past day, three can be distinguished in particular:
- Aptos (APT): Up more than 8% to $4.
- Quant (QNT): Up more than 7.5% to $130.
- UNUS SED LEO (LEO): Up nearly 5% to $3.96.
Best and Lost Altcoins - Source: Coin360
Among the currencies losing positions, the most significant losses affected the following cryptocurrencies:
- Loopring (LRC): 3% down to $0.2535.
- EthereumPoW (ETHW): Nearly 3.5% down to $3.85.
- Terra Classic (LUNC): Loss over 4% to $0.00017.
Strong U.S. jobs numbers spur Fed call for rate hikes
Wage growth and job creation are strong indicators that the Federal Reserve needs to do more to control inflation. And most investors remain skeptical about the duration of these robust results due to ongoing recession risks.
Just in November, the U.S. economy added 263,000 jobs compared to an expected number of 200,000. The leisure and hospitality sectors added 88,000 jobs, while the education and health sectors created 82,000.
In the construction industry, the number of jobs increased by 20,000, and in the manufacturing industry - by 14,000. Finally, only in retail and wholesale trade there was a reduction of -49,000 and -30,000 jobs, respectively.
Employee morale is also on the rise with a larger-than-expected 0.6% monthly salary increase, resulting in an annual salary growth rate of 5.1%. At the same time, the unemployment rate remained unchanged at 3.7%.
Fed officials hope that today’s data will be the necessary shock to encourage market participants to finally believe in the Fed’s intention to publish high rates to curb inflation.
bitcoin price
Bitcoin’s current price is $16,950, which means a 1% loss in 24 hours. The trading volume over the past day amounted to $18 billion. The market capitalization of BTC then reached $356 billion with 19,223,025 tokens in circulation.
Bitcoin price and tokenomics - Source: coinmarketcap
BTC struggled to break above the $17,250 level and showed a slight bearish correction.
Bitcoin made a 23.6% Fibonacci retracement at $16,900 and closing candles below $16,950 could push traders into further selling until the $16,750 level is reached.
Bitcoin price chart - Source: Tradingview
Bitcoin could then hit the $16,600 level next, and if it breaks, the $16,450 level should be wary.
On the other hand, if bitcoin starts to rise again and manages to overcome the $17,250 threshold, then it could easily reach the price of $17,650 or even $18,100.
Ethereum Price
With a price of $1,275 and a 24-hour trading volume of $6 billion, Ethereum is down 0.6%. Its real-time market capitalization has risen to $157 billion, remaining the second largest in the cryptocurrency market.
Ethereum price and tokenomics - Source: coinmarketcap
On the 4-hour chart, Ethereum failed to overcome the $1,310 resistance level, signaling the start of a negative correction. This could lead to a downtrend in ETH in the short term.
Ethereum’s immediate support is at $1,225, which leaves room for a likely decline to $1,150 if the price breaks below that support threshold.
Ethereum price chart – Source: Tradingview
However, the market remains hesitant as the MACD is in the sell zone and the RSI is still in the buy zone. Although the 50-day simple moving average (SMA) continues to point to a buying trend, investors remain on the sidelines.
Finally, an upward break of the resistance at $1310 could give the price of ETH an opportunity to reach the $1354 zone.
Presale cryptocurrency with huge profit potential
Trading Dash 2 (D2T)
Dash 2 Trade is an Ethereum-based trading analytics platform that provides traders of all skill levels with real-time analytics and social data to enable them to make better decisions. The platform will be launched in the first quarter of 2023 and will provide investors with information to help them make proactive trading decisions.
Dash 2 trading has been quite successful, with two exchanges (LBank and BitMart) deciding to list the D2T token after its pre-sale ends. 1 D2T is currently worth $0.0513, but when the sale ends it will drop to $0.0533. So far, D2T has raised over $7.8 million by selling over 91% of its tokens.
Find the best price to buy/sell cryptocurrency
Cryptocurrency price tracking - Source: Cryptonews