Main Factors for Increase in Prices of DOGE, XRP, BTC, and ADA

Bittime -The cryptocurrency market is currently experiencing a significant surge in value with Bitcoin (BTC), Dogecoin (DOGE), XRP, and Cardano (ADA) recording notable increases in value. 

The increase is in line with the latest jobs report in the United States, which showed an unexpected increase in the unemployment rate, with non-farm payrolls increasing by 206,000 for the month. This topped the Dow Jones estimate of 200,000, but was still below the downwardly revised increase of 218,000 in May.

Impact of US Jobs Report

The US jobs report released on Friday showed an unexpected increase in unemployment, which could affect future monetary policy. While policymakers would like to see more progress in controlling inflation before lowering interest rates, a deteriorating labor market may accelerate the need to act quickly. 

According to the CME Group's FedWatch tool, after the jobs report was released, traders increased their bets on a rate cut in September, with the odds of a quarter-point cut increasing to about 75%, up from 64% the previous week.

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BTC, XRP, ADA, DOGE Price Rebound

Bitcoin saw its price plunge to $53,500 per coin on Friday, hitting a low not seen since February, after the US Federal Reserve released minutes from its June meeting, signaling that the central bank may not be ready to lower interest rates. Fed Chairman Jerome Powell recently stated that progress has been made in lowering inflation. 

However, the central bank wants to be more confident that inflation will return to its 2% target before easing monetary policy. The latest inflation data will be released next week.

At the time of writing, the price of Bitcoin was up 1.96% in the last 24 hours to $56,697, according to data from crypto ranking site CoinMarketCap. Bitcoin briefly hit an all-time high of around $74,000 in March this year, following the approval of the first spot Bitcoin ETF in the US, but has since traded in a tight range.

Significant Increase in Dogecoin, XRP, and ADA

Dogecoin surged substantially from its low of $0.0915 on Friday and continued to rise in the trading session on Saturday. At the time of writing, Dogecoin has risen 9.60% in the last 24 hours to $0.1094. Meanwhile, XRP rose 5% in the last 24 hours to $0.435, and Cardano's ADA coin rose 2.29% to $0.356.

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Supporting Factors for Price Increases

The rise in cryptocurrency prices was largely driven by expectations of lower interest rates and increased investor interest following the release of a surprise jobs report. 

Additionally, the approval of the first spot Bitcoin ETF in the US also provided a significant boost to Bitcoin, which in turn affected the overall cryptocurrency market. However, market conditions are still influenced by uncertainty about monetary policy and upcoming inflation data.

Conclusion

With this situation, investors and market players need to continue to monitor economic developments and global monetary policy which could influence digital asset prices in the future. 

A potential interest rate cut could provide more impetus to the cryptocurrency market, while inflation data and monetary policy decisions remain key determining factors in determining the direction of price movements.

How to Buy Crypto in Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SUN) and other cryptos to find out today's crypto market trends in real-time on Bittime