- Experts believe this week's US economic calendar could position the crypto market in a bullish direction.
- Against this backdrop, the overall market capitalization of cryptocurrencies has risen by 8% in the past 24 hours, with Solana and Cardano leading the way at the top of the altcoin market.
Cryptocurrency market is generally rising every day 8% The aim was to push the total market capitalization to $2.37 trillion after the central bank of Japan was rumored to have given up on its decision to raise interest rates. Solana (SOL) soared during the period. 5% Reaching $167 while Cardano (ADA) adds 4% Its value increases. Meanwhile, Bitcoin (BTC) still dominates the entire market, with a total share of 57%.
According to our analysts, the current bullish momentum is likely to continue as three key economic events in the US are expected to drive further growth.
US Manufacturing PMI
On Thursday, October 24, U.S. authorities are expected to release important data that will provide important insights into the state of manufacturing. The impact on the overall performance of the cryptocurrency market is related to interest rate sensitivity. Interestingly, economists are predicting that the sector could recover slightly with a reading of 47.5, higher than the previous reading of 47.3.
On the other hand, our research shows that a number below 50 means a negative outlook for manufacturers. Over the past 23 months, the index has been negative 22 times. A PMI reading above 50 could signal an expansion in manufacturing, followed by increased interest in cryptocurrencies as an inflation hedge.
U.S. unemployment insurance claim
According to the Statista Research Division, the U.S. national unemployment rate reached 4.1% in September 2024. In October, this level rose so explosively that it reached levels last recorded in August 2023. The week ending Oct. 12 saw an increase in the state's initial claims. Unemployment benefits decreased by 19,000 to 241,000. That's below MarketWatch's median estimate of 250,000 deals and slightly below the economists' consensus estimate of 245,000 deals.
Analyzing this, crypto analysts explained that the higher-than-expected unemployment rate may have influenced sentiment toward the Federal Reserve's interest rate cuts. This means a drop in claims signals a strengthening economy, which could boost investor confidence and cause a surge in demand for riskier assets like Bitcoin.
US services PMI
According to analysts, the Purchasing Managers' Index (PMI), which measures the overall performance of the service sector, is expected to decline slightly from 55.2 to 55. Positive sentiment could increase demand for Bitcoin and expose the overall market to significant upside. For Neil Sethi, managing partner at Sethi Associates, such light releases can create volatility within weeks and push the market in favor of investors.
Please note that what is missing in this week's major report will be filled in next week's report, and then some. Get all the key jobs reports for October, including the first reading of Q3 GDP and ECI (plus September personal income and spending, including PCE prices). This comes on top of things like Magnificent 7 earnings and Treasury borrowing announcements, so make the most of a light week.
