Bitcoin’s market cap is also more than twice as large as that of Ethereum. It was also a party on Wall Street, the increase in the number of unemployment claims was also celebrated there with green figures. Higher unemployment means that people have less money to spend, which has a dampening effect on inflation. This may contribute to inflation falling even faster.
Inflation under control
Today’s numbers were a small sign that the Federal Reserve is slowly getting inflation under control. However, we cannot say that the crypto market is currently doing well. At this time last year, Bitcoin was trading at around $50,000 per coin, while Ethereum was trading for $4,431 each.
It will take a while before we reach that level again, although the Dutch analyst PlanB is convinced that Bitcoin will take off again. In a podcast with Scott Melker, PlanB predicted a Bitcoin price of 100,000 or $1 million. Those are considerable amounts for an asset that is currently worth just under $ 17,000.
It wouldn’t be wrong if we went out with a bang in December and honored the traditional Christmas rally. That would not be bad at all after the painful 2022. It is high time for a few green weeks, although a slumping economy offers little hope for that.