Benzinga - Bitcoin, Ethereum, and Dogecoin were seen trading lower on Thursday evening as the global cryptocurrency market cap fell 0.8% to $1.1 trillion at the time of publishing.
| Cryptocurrency | Gains +/- | Price (Recorded 9:02 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -1.14% | $26,766.06 |
| Ethereum (CRYPTO: ETH) | -0.53% | $1,863.33 |
| Dogecoin (CRYPTO: DOGE) | -0.13% | $0.07 |
What Happened: Major cryptocurrencies remained in the red at the beginning of the new trading month. Investor attention was focused on the Friday jobs report. The Bureau of Labor Statistics' data points will influence the Federal Reserve's monetary policy decisions.
| Cryptocurrency | Gains +/- | Price (Recorded 9:02 p.m. EDT) |
| Litecoin (LTC) | +4.16% | $94.48 |
| The Sandbox (SAND) | +3.76% | $0.55 |
| Woo Network (WOO) | +2.93% | $0.23 |
Economists expect a decline in Non-Farm Payrolls from 253,000 in April to 190,000 in May, according to a market consensus.
The movement in major coins was in contrast to stocks, which rallied on Thursday. The S&P 500 and NASDAQ closed 1% and 1.3% respectively. At the time of writing, U.S. stock futures were noted in green.
Analyst Notes: Edward Moya, a senior market analyst with OANDA said that Bitcoin remains heavy and didn't get support from the case for the Federal Reserve skipping rate hikes.
"Bitcoin is still in the danger zone as it fights to hold the lower boundaries of its boring trading range. The $26,000 level remains key support and could hold as long as a regulatory hammer doesn't get thrown its way."
Analyst Takes: Cryptocurrency trader Michaël van de Poppe said Litecoin "looks bueno" on Thursday. Notably, the cryptocurrency was the best performer over a 24-hour period, according to CoinMarketCap data.
#Litecoin looks bueno.— Michaël van de Poppe (@CryptoMichNL) June 1, 2023
Market intelligence platform Santiment said that Litecoin's market value jumped as its halving is just over 2 months away.
"This surge has been powered by a massive 2-year high in on-chain transaction volume, and the highest whale activity since January."
⚡ #Litecoin's market value is +6.5% in the past 24 hours as its halving is now just over 2 months away. This surge has been powered by a massive 2-year high in on-chain transaction volume, and the highest whale activity since January. https://t.co/AcOYEV18tP pic.twitter.com/5x3oHWrl2I— Santiment (@santimentfeed) June 1, 2023
Van de Poppe also noted that the total market capitalization of Altcoins was on a "crucial level."
"It shows that we’re looking at heavy support on the 200-Week MA and EMA." He said that if those sustain a "new impulse move" to the upside is likely.
Total market capitalization for #Altcoins is on a crucial level.It shows that we're looking at a heavy support on the 200-Week MA and EMA.
If those sustain, a new impulse move to the upside is likely. pic.twitter.com/IGFAxXU9MG
— Michaël van de Poppe (@CryptoMichNL) May 31, 2023
Meanwhile, on-chain analysis firm Glassnode said, citing Realized Cap HODL Waves data, that there has been a "transfer of wealth" from experienced holders to newer demand — a "phenomena" common across cycle inflection points.
The 1d-3m #Bitcoin Realized Cap HODL Waves has increased from the cycle low of 11.5%, to a current value of 21.4%, an 86% increase.This suggests that the transfer of wealth from experienced holders to newer demand is occurring, a phenomena common across cycle inflection points. pic.twitter.com/M6ibcjvynb
— glassnode (@glassnode) June 1, 2023
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