Bitcoin rose above $44,000 and Shiba inu led a surge of meme tokens Monday, as a strong U.S. Jobs report lifted market sentiment.
Bitcoin, the largest cryptocurrency in the world, rose 6.4% to $44,350 over the last 24 hours. Bloomberg reports that it surpassed its 50-day moving median for the first time in over two months.
According to CoinDesk, Ethereum has increased 5.2% to $3,159 over the last 24 hours. For the first time in two weeks, Ether, the token that underpins the Ethereum blockchain network, surpassed $3,000.
The popular “meme” token Shiba Inu has surged 46.9% to $0.000035 in the last 24 hours. Dogecoin rose 12.9% to $0.166862.
Marcus Sotiriou is an analyst at GlobalBlock, a U.K.-based broker of digital assets, stated Monday that the positive reaction from the jobs report had “ignited another bounce for the crypto markets also.”
Sotiriou pointed out that Bitcoin had “overcome the downtrend which dates back to the all time high–$270million of short positions being liquidated, leading to a little bit of a “short squeeze.” ‘”
Bitcoin reached its all-time record of $68,990 in November. In January, the digital currency dropped to $33,000.
Sotiriou stated that Bitcoin is facing strong resistance at $44,000-45,000 and “continued uncertainty in the stock markets.”
In 2022, the S&P 500 declined 5.6% and the Nasdaq fell 9.9%.