Ether Gains on Bitcoin but JOLTs Jobs Data Leaves Markets Unmoved

An encouraging jobs report that suggests the U.S. economy might finally be contracting in a meaningful way left crypto markets unstirred, although ether rose, closing the performance gap this year with bitcoin .

The Job Openings and Labor Turnover Survey showed that job openings fell by 632,000 in February to 9.9 million, the lowest level since May 2021. The 9.9 million mark exceeded expectations of a decline to 10.4 million and signaled the persistently tight jobs market may be loosening. Crypto markets were quiet. Bitcoin traded flat for most of the day, on lower-than-average volume. BTC trading volume has fallen below its 20-day moving average for 14 straight days.A sustained move higher than $1,862 would push ETH’s price past the upper range of its Bollinger Band, a bullish sign for the asset.The ETH/BTC ratio has increased 4.3% this week. ETH, the second-largest cryptocurrency by market capitalization after BTC, has narrowed the performance gap on its larger peer.

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