Daily market Brief

Apr 8, 2024

Daily Market Brief 240408

Peter Chung
Min Jung
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  • With the three major indexes rallying amid strong jobless data on Friday, $BTC briefly retouched the $70,000 mark and is now trading in the $69,200 range. The US economy added 303,000 jobs, surpassing the expected 205,000, showcasing strong economic performance.

  • With the $BTC halving event about two weeks away, $BTC continues to outperform, evidenced by a Bitcoin Dominance of 54.3% and the ETH/BTC ratio reaching historical lows at 0.049. There's also a noticeable shift towards $BTC beta coins and emerging narratives, with Runes gaining particular attention in the market.

  • The meme sector is leading the rebound. The top three gainers in the last 24 hours are $PEPE, $DOGE, and $OP, while the top three losers are $TON, $MKR, and $NEAR.

  • Macro factors, rather than crypto/web3, are expected to dominate the headlines this week, with the market keenly awaiting the US CPI release this Wednesday.

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Peter ChungHead of Research
Min JungResearch Analyst