Solana continues to outperform, gaining 10% in the last week.
Cryptocurrency markets fell slightly on Thursday morning following the release of the latest US unemployment claims report.
The Department of Labor reported that claims for unemployment benefits declined from the previous week, reaching 222,000 in the week ending May 12, slightly above the Dow Jones forecast of 220,000.
Bitcoin (BTC) is trading at $65,600, up 1% in the past 24 hours. Ether (ETH) has fallen below $3,000, while Solana (SOL) has soared nearly 5%, according to CoinGecko data.
A decline in unemployment claims is often seen as a sign of economic stability. A stable economy generally fosters investor confidence, which can extend to riskier assets like cryptocurrencies.
Michael Van de Poppe, CEO of MN Trading, said: expressed We are optimistic about Bitcoin's recent performance and its potential impact on altcoins. “I think altcoins will start to accelerate during this time as confidence returns to the market,” he said on Twitter.
According to CoinGlass, 59,463 traders were liquidated in the past 24 hours, totaling $148 million. The single largest liquidation took place on OKX and involved an ETH-USD swap with a value of $3.25 million.
According to CoinGlass data at the time of writing, the majority of potential short-term futures liquidations are expected to take place at the $66,000 level. Short-term liquidations occur when traders (short sellers) who bet on an asset's price increase are forced to close their positions, usually causing further price increases.
Cryptocurrency stocks fall
Coinbase Global (COIN) stock fell about 6%, while crypto miners Riot Platforms (RIOT) and Marathon Digital (MARA) fell 2%.
However, the overall US stock market continues to reach new all-time highs. The Dow Jones Industrial Average rose 0.2%, and the S&P 500 and Nasdaq Composite each rose 0.2% as well.
