Bitcoin, Ethereum, Dogecoin Trade Mixed, All Eyes On NFP Report

Major cryptocurrencies traded mixed at the time of writing as the global cryptocurrency market cap rose marginally by 0.06% to $1.2 trillion.

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Why It Matters: Bitcoin traded in the green, while Ethereum was in the red at 9:16 p.m. EDT on Thursday.

“Bitcoin looks like it is waiting for the right time to shine. When a plethora of markets will be closed, we will see if traders will look to take advantage of the one market that trades 365 days a year,” said Edward Moya, a senior market analyst at OANDA.

Moya said that the apex coin remained near the “upper boundaries of its trading range and could see a good chance to breach the $30,000 level over the weekend when some of its derivatives are not actively trading.”

“If the [Non-Farm Payroll] report misses massively and supports the idea that the economy is in worse shape, we could see that provide a major boost for crypto,” said Moya.

The NFP report is due for release at 8:30 a.m. EDT on Friday but the U.S. equities markets are closed on account of the Good Friday holiday.

Economists are expecting that 239,000 payrolls will be added. The number will follow a hotter-than-expected print in February when the U.S. added 311,000 jobs, which was above economist estimates of 200,000.

Michaël van de Poppe said Thursday that jobless claims could come in higher than expected. The cryptocurrency trader said unemployment was likely coming in at 3.7%-3.8% as the effects of monetary tightening begin to show up in the United States.

On-chain analytics data provider CryptoQuant said that Ethereum open interest has hit a 6-month high as the Shanghai Upgrade draws nearer.

Sentiment tweeted that Bitcoin is “ranging after topping” at $28,700 and traders are “transacting at a loss at twice the rate of profit.” The market intelligence platform said that this is the “first time this ratio has been negative in 5 weeks, and is actually a good sign that the [FOMO’ers] are giving up on the rally.

Meanwhile, on-chain data provider Glassnode said a method to gauge demand in the market was the value of fees investors are willing to pay to process their transactions.

“Currently, the 90d Simple Moving Average [SMA]  for fees is outpacing its yearly average, suggesting new demand is entering the market,” said Glassnode on Twitter.

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