Crypto: The Numbers That Could Change Everything This Week

The crypto market and the global economy enter a decisive week, where economic data could shake up current trends. From manufacturing PMIs to employment data, crucial indicators are flooding in, leaving investors on edge. Meanwhile, Ethereum and altcoins steal the spotlight, surpassing unprecedented heights. Discover how these figures and events influence the crypto market.

Economy: Indicators in the Spotlight

Last week was already tense for cryptos. And at the beginning of this weekly cycle, the dance of economic data opens with the November manufacturing PMI report, expected this Monday. This key indicator scrutinizes the health of the American industry. On Tuesday, it will be time for the job openings figures, while Wednesday will be doubly busy: the non-farm employment data and PMI services will illuminate the discussions.

Key Events This Week:

1. November ISM Manufacturing PMI data – Monday

2. October JOLTS Job Openings data – Tuesday

3. November ADP Nonfarm Employment data – Wednesday

4. Fed Chair Powell Speaks – Wednesday

5. Initial Jobless Claims data – Thursday

6. November Jobs Report -…

— The Kobeissi Letter (@KobeissiLetter) December 1, 2024

To spice up this already intense week, Friday will reveal crucial reports:

• Nonfarm payrolls: an essential barometer of job creation;
• Unemployment rate: the cornerstone of economic discussions;
• Consumer sentiment: via the Michigan Consumer Sentiment Index;
• Expected inflation: a crucial data point for the average consumer and markets.

Add to that the expected speeches from Jerome Powell on Thursday, and the stage is set for a series of economic roller coasters.

Crypto Market: Altseason Roars

While economic data sends Wall Street into a frenzy, the crypto market is experiencing its own fireworks. The total market capitalization has surpassed $3.65 trillion, a historic record.

And the altcoins are not holding back: XRP surged 30% to reach $2.48, its highest level in 7 years. Ethereum, the giant with sturdy shoulders, hit $3,750, a peak not seen in six months.

Even the usual meme cryptos have not been left out: Dogecoin and Shiba Inu – this memecoin which surged 20% recently, have also recorded notable increases, joined by Cardano and Stellar. However, Bitcoin’s dominance remains in question, with its price oscillating with little conviction around $98,000.

The market’s excitement highlights a truth well-known to the crypto community: in this world, boldness pays off, especially when economic fundamentals falter.

Furthermore, traders are scrutinizing this electric market where every piece of economic data seems to set the pace. While Bitcoin loses some of its luster, the long-awaited altseason seems to be well underway, rekindling the enthusiasm of the crypto community.