Bitcoin hits new high for the year, ADA, AVAX, DOT show impressive performance

The U.S. non-farm payroll data released last night exceeded expectations, leading investors to view the prospect of a soft landing for the economy optimistically. Both the U.S. stock market and cryptocurrencies performed well, with Bitcoin hitting a new high for the year, while ADA, AVAX, and DOT also showed impressive performances!

Strong Employment Data, U.S. Stocks Hit New Highs for the Year

The U.S. Department of Labor announced yesterday that non-farm payrolls increased by 199,000 in November, exceeding market expectations. This was mainly due to auto workers ending their strike and returning to work. The unemployment rate dropped from a two-year high of 3.9% in October to 3.7%, the lowest since July, reflecting more people entering the labor market.

The S&P 500 index reached a new closing high for the year, with a year-to-date increase of over 20%. The Nasdaq index rose by 63.98 points, up 0.45%. The Dow Jones index surged by 130.49 points, hitting a new high in nearly two years!

Bitcoin Hits New High for the Year Again, ADA, AVAX, DOT Shine

In the cryptocurrency market, Bitcoin once again hit a new high for the year, reaching 44,676 at one point, with a 7-day increase of 13.9% and a year-to-date increase of 167%. Ethereum, on the other hand, saw a slight decline yesterday, but also had a remarkable performance of 12.4% for the week.

ADA Cardano showed strong gains yesterday, hitting a new high for the year, with an increase of nearly 50% for the week.

Avalanche AVAX's market ranking has risen again. According to Binance's monthly report, Avalanche AVAX's growth is attributed to the decentralized finance protocol Benqi, which saw a 16% increase in its total value locked (TVL) in November.

Polkadot DOT surged by over 18% yesterday, entering the top ten rankings. The Web3 Foundation related to Polkadot recently announced a $1 million investment in treasury bonds and tokenization through Anemoy. Polkadot is attempting to provide short-term U.S. Treasury investments to American investors, sparking a buying spree for DOT tokens.