The cryptocurrency market is maintaining the momentum of its recent gains, after about $280 billion entered digital assets at the beginning of the year.
This movement is expected to continue, driven by three main factors:
1. US Economic Data
This week is full of influential economic reports, most notably:
Labor Market Reports:
Job vacancies report on Tuesday.
Non-farm payrolls data on Wednesday.
Friday's payrolls and unemployment report, which highlights the strength of the US labor market.
Consumer sentiment indicators:
The University of Michigan Consumer Confidence Index on Friday, which reflects consumers' expectations about the economy and inflation.
This data is crucial ahead of the Federal Reserve meeting on January 29 and could determine the direction of the market.
2. Stock Market and China Implications
As the Q4 2024 earnings season gets underway, results from major companies could impact overall market sentiment.
In addition, the repercussions of the Chinese real estate crisis continue to have indirect effects on global markets, raising concerns that it will spread to broader sectors.
3. Bitcoin and Ethereum Performance
Bitcoin continued its rise, hitting $99,000 on Monday morning, its highest level in ten days, with weekly gains of 7.5%.
Ethereum followed the same trend, reaching $3,670, its highest price since December.
This positive performance, coupled with the stability of altcoins, indicates that the market momentum will continue during the week.
