Cryptocurrency markets experienced a rather muted reaction in wake of the latest U.S. jobs report. However, Bitcoin's leading rival Ether (ETH) looked to have got a boost off the news. ETH readily gained 3.8% over the past 24 hours, with investors apparently viewing the crypto as undervalued and thus ripe for purchase. Indeed, with a year-long increase in value of 55%, Ether has closed the gap on Bitcoin's 70% year-long gain.

The Job Openings and Labor Turnover Survey (JOLTS) showed a decline in job openings by 632,000 in February to 9.9 million; far below expectations of 10.4 million. While this appears to bode ill for the U.S. economy in the short term, it will likely incentivize the Federal Reserve to slow down their pace of interest rate hikes, proving to be a boon for asset prices which had been weighted down by worries of inflation.

In the meantime, Bitcoin traded at largely low volatility and ran along with its 20-day moving average, an indication that its price was flattening. ETH, however, moved towards the upper range of its Bollinger Band, an action that is often seen as a bullish sign. This can be seen in the ascent of the ETH/BTC ratio which had grown by 4.3% since the beginning of the week.

Nevertheless, the correlation between the two cryptos remains strong, and while a degree of separation has occurred over the last couple of weeks, a 0.95 correlation on monthly basis is still held. This could be a result of crypto traders seeking safety in Bitcoin over the past few weeks, leaving Ether in the dust and providing an opportunity for those who believe in it's undervalued potential. This is substantiated by the fact that there has been a marked decrease in overall Ether supply. All in all, it appears that the cryptocurrency market has reason to be optimistic about Ether's future.



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