Major cryptocurrencies experienced a surge on Monday evening, driven by the anticipation that the Federal Reserve may halt its rate hikes. Weaker U.S. jobs data provided further support for this belief, as reported by Bitfinex.

Monday’s Bitfinex Alpha report suggests that the weaker jobs data has further strengthened the belief that the Fed may halt its rate hikes. “We think that the central bank may be done raising rates primarily due to tightening financial conditions, with bond yields rising over the recent months,” the report stated.

Bitcoin’s market cap dominance, which represents the largest crypto asset’s share of the total cryptocurrency market capitalization decreased to 52.5% on Monday. This marks a slight decline from its previous level of 54.3% in late October – the highest it had reached in 30 months, according to TradingView data.

Top Gainer (24 Hour)

The global crypto market cap currently stands at $1.32 trillion, reflecting a decrease of 0.% in the past 24 hours.

Stocks continued their upward momentum on Monday, extending last week’s impressive rally. The Nasdaq Composite, in particular, achieved its longest stretch of positive gains since January, surging 0.3% to close at 13,518.78. Meanwhile, the S&P 500 saw a modest increase of 0.18%, reaching a closing value of 4,365.98. The Dow Jones Industrial Average also made some gains, albeit small, inching up by 34.54 points or 0.1% to settle at 34,095.86.

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Analyst Notes

Crypto analyst Jason Pizzno suggests that Bitcoin may be poised for an unexpected bull run that could extend into the next year. Pizzno examines the average true range (ATR) indicator, a measure of volatility within a specific timeframe, in a recent strategy session.

The analyst suggests that March of 2024 could mark the start of the next Bitcoin bull market breakout, although there may be occasional corrections during this period.

Michael Van de Poppe mentioned that Bitcoin is currently experiencing its classic grind upward. It is expected that this upward trend will persist, potentially leading to new highs with a target range of $36,500 to $37,000.  "Classic liquidity drops take place, but the trend is clearly upwards."

Santiment, an on-chain data analytics firm, has revealed that altcoins are gaining momentum and catching up. While Bitcoin remains below $35K, the profits from the past few weeks are now flowing into prominent and medium-sized assets such as SNT (which has seen a 108% increase in just 7 days), SUSHI (with an 82% rise in 7 days), and BLZ (showcasing a 39% growth in 7 days).

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