• Bitcoin is trading over 1% higher on Friday and certain cryptocurrencies have broken trend before the US unemployment figure is released later today.
• The forecast for the US jobless count is for a rise to 3.5%.
• Ethereum looks as though it is making its move in order to steal the show from bitcoin, with many altcoins also running strongly right now.

US Economy at Risk

The Federal Reserve has intimated that they are ok with the economy going into recession and “things breaking”, as long as inflation can be beaten. One of the main figures that the Fed looks at before deciding whether the economy needs yet another interest rate hike is the jobless count, which is expected to rise to 3.5%.

Bitcoin Bull Market

Despite this gloomy period, Bitcoin appears to have entered a bull market and current times may be good ones for accumulating ahead of a possible descent into recession next year. Bitcoin woke up this morning in a positive mood and is moving higher again in its sideways range from around $25,800 to $27,670. Current price is just over $27,000.

Ethereum Gaining Momentum

Ethereum looks as though it is making a move to steal the show from bitcoin by breaking out of its downwards trendline that has been in place since early January this year. Ethereum dominance has returned to levels seen earlier this year and even as far back as September 17th. Accumulating above this level could potentially see ethereum on route to overtaking bitcoin’s top spot (a process known as ‘flippening’).

Altcoins Running Strongly

Many of the altcoins are running strongly right now including Arbitrum (an ethereum layer 2 solution) which is up 8%, Injective Protocol which has climbed 10.5%, Ocean (an AI-related play) up 7.4% and Lido (the largest of liquid staking tokens) up 7.3%.

Disclaimer

This article is provided for informational purposes only and should not be used as legal, tax, investment, financial or other advice