Bitcoin Surpasses $97000 as Unemployment Claims Rise
Bitcoin surpasses $97000 despite weak U.S. employment data, showing resilience as the crypto market outperforms traditional assets. According to the U.S. Department of Labor, jobless claims for the week ending April 26 rose by 18,000 to 241,000 — the highest in months.
BTC and Markets Defy Economic Fears
Despite the disappointing labor data, both crypto and stock markets rose. BTC gained 3.37% over the past 24 hours, hitting $97,178 according to CoinMarketCap. Daily lows stood at $93,762, and highs reached $97,437 — one of the strongest intraday ranges of the week.
Gold Falls While Bitcoin Gains
Interestingly, Bitcoin’s performance sharply contrasts with gold, which fell to $2,216 on May 1, losing 2.17% for the day. “Bitcoin is proving to be a better hedge than gold against strategic capital outflows from the U.S.,” said Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank.
Market Activity and Capitalization Climb
As Bitcoin prices climbed, so did trading activity. 24-hour volume rose 7.45% to $31.2 billion. Market capitalization increased 3.40% to $1.92 trillion, while Bitcoin’s dominance now stands at 64.72% — a notable jump amid ongoing institutional interest.
Bullish Momentum Builds Amid Economic Uncertainty
Despite macroeconomic weakness, Bitcoin continues to attract capital and outperform traditional hedges. With liquidity shifting toward crypto, analysts expect continued strength if momentum holds through early May.
