Bitcoin Rises, Alts Outshine And Dogecoin Above 70 Cents

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Last Updated on 8 May 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin rose to $58k, backed by investors who fear that the Federal Reserve will resort to money-printing again now that the latest US jobs report was quite underwhelming.

Several altcoins continued their stellar performance of the past week and Elon Musk tweeted a picture of himself on SNL guest starring… none other than the doge from Dogecoin. The memecoin rose to a fresh high of $0.7376 in response.

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Weak jobs report

US President Joe Biden’s honeymoon period seems over now that the US economy only added 266,000 jobs in April. That is far lower than what analysts expected, which was close to around 1 million new jobs. Market commentators expect that the current White House administration will therefore once again turn to another stimulus package, which could send safe havens like Bitcoin even higher.

The most famous cryptocurrency reacted swift and sound indeed and rose to $58k on the news, just shy of the $60k barrier it eagerly wants to break again.

Mati Greenspan, founder of Quantum Economics, also marked the reaction of so-called safe havens, stating:

The reaction from bitcoin is undeniable. Even gold and silver hit fresh highs.

He did admit that there was one that got more investment though, commenting:

During the last round of stimulus, there was a lot of talk about people putting the funds directly into bitcoin. This time, it’s dogecoin.

Altcoins shine and Musk on SNL

As altcoins continued their climb (THETA and Cosmos for example have both had an incredible week), there was indeed only one coin that outdid them all, Dogecoin.

It comes just as Elon Musk, the Technoking of Tesla and Imperator of Mars, did what most had been hoping for and tweeted a picture of himself on SNL together with the dog from Dogecoin. The joke cryptocurrency added another 14% in the past 24 hours, topping another 100% rise in the past week.

Analysts fear an implosion but the chance that it actually hits $1 is now rising daily.