Top Crypto Performers Today September 4 – Aave, Starknet, dogwifhat
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
As major cryptos rebound from fresh multi-week lows, with Bitcoin (BTC) back near $58,000 after dipping briefly as low as the $55,000s earlier on Wednesday, investors are scouring altcoin markets for top crypto performers today that might be able to outperform amidst ongoing market uncertainty.
All eyes are focused squarely on upcoming US ISM Services PMI data on Thursday and the August jobs report on Friday.
Those data points will impact expectations as to whether the US economy is headed for recession, and how fast the Fed will cut interest rates.
US economic data so far this week hasn’t been good. Tuesday’s ISM Manufacturing PMI missed expectations and pointed at continued economic contraction in US industry.
Wednesday’s US JOLTs job openings report, meanwhile, showed labor demand softening more than expected.
This is a labor market that isn't as tight as it was before the pandemic:
Job openings declined further in July, and the ratio of job vacancies to unemployed workers dropped to 1.07, the lowest since 2018 pic.twitter.com/xZhPZTRiHO
That will keep recession fears elevated ahead of upcoming key data reports.
These fears appear to be weighing on US bond yield as traders seemingly up their Fed rate cut bets.
And that could have helped Bitcoin recover from intra-day lows, though it isn’t one of the top crypto performers today. Republican Presidential nominee Trump opening a 5% lead over Democrat nominee Harris in the Polymarket implied election victory odds could also be helping.
Trump's lead in the odds just hit 5%.
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