US Unemployment Numbers Will Impact Price Of Bitcoin And Ethereum

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On 29th December 2022, experts claimed that chances are high that the BTC price for 2023 might turn from bearish to bullish.

As trade began on 29th December, the market sentiment has favored the upward trend of the world’s biggest cryptocurrency at the $16,450 level of resistance.

Similar to Bitcoin, experts are also positive about Ethereum’s bull run. A similar trend has been followed regarding the ETH price, at press time the world’s second most valuable currency was trading at the $1,180 level.

However, earlier today experts also focused on the U.S. unemployment issue. They also said that unemployment is the single most important factor that will reshape the price trend of BTC and ETH in 2023.

Before today, all the major cryptocurrencies were suffering from intense bears and were unable to regain.

On December 2028, the 24 hours market cap of the cryptocurrency market was $793.46, this accounts for a 1.51% decline in the market cap for 24 hours. However, the situation was slightly better on 29th December.

The upward industry trend shows that the market cap today has increased by 15.10% and now stands at $31.03 billion. BTC and ETH are front-row runners.

What is Decentralized Finance (DeFi) Volume?

Talk of DeFi, the market capitalization of decentralized finance stands at $2.13 billion, this accounts for 6.88% of the overall market cap for the 24 hours volumes.

The overall market capitalization of stablecoins for the past 24 hours is valued at $29.05 billion.

Experts are Certain That Unemployment in the U.S. Will be the Determining Factors for Prices in 2023

By the end of the third week of December, multiple news made headlines discussing the rising unemployment in the country.

Some of the world’s biggest firms have downsized their workforce. A look at the labor market suggests that the market has become full-time hawkish.  $29.05 billion

On the other hand, the unemployment claim per capita increased from $804 to $830. This significant rise in the unemployment claim will also put severe pressure on the U.S. GDP growth and the country’s reserves.

If unemployment kept rising on in 2023, the overall spending power of people will become fragile.

That is why experts are concerned over increased unemployment and suggested that unemployment drives the prices of cryptocurrencies in 2023.

Bitcoin (BTC) Price

Currently, the world’s most prestigious cryptocurrency is priced at $16,564. Moreover, its 24-hours volume is valued at $15 billion.

The technical indicators of BTC show that the token is getting strong support at the current resistance level. This support has arrived at a very crucial time for BTC.

The current price chart of tokens shows a clear upward line. As the result, the overall market cap of cryptocurrency increased.

This upward trend line is supporting the strong bullish run of BTC in the future.  Experts are hopeful that within 24 hours time frame the cryptocurrency will surpass the current price level and within the next couple of days BTC will sit above the $16,990 mark.

On the first day of 2023, it is expected that BTC will begin trading at $17000.

Ethereum (ETH) Price

ETH is currently exchanging hands at $1,195, and its market cap over the past 24 hours is $4 billion. As compared to December 28, 2022, the price of ETH has risen by 0.25%.

Similar to Bitcoin, Ethereum’s chart also shows significant upside momentum. Ether will also enter the bullish range soon.

The price of ETH has jumped much higher. Experts are hopeful that the beginning of 2023 will see ETH rising up to $1,220. The price will further spike and may reach all the way up to the $2k mark.

As compared to BTC, ETH bulls are much stronger, the reason being a lot of upcoming crypto projects are launching their operations on the Ethereum blockchain. It will also skyrocket ETH adoption.

As BTC and ETH are expected to go high, experts do believe that investors should diversify their portfolios by investing in a wide range of upcoming altcoins. Portfolio diversity is important to stay protected against the current market uncertainty.

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