Crypto Markets Extend Rally as U.S. Jobless Claims Hit Lowest Since April

Cryptocurrency markets rallied on Wednesday, Nov. 26, erasing Tuesday’s losses as U.S. unemployment claims fell to their lowest level since mid-April, boosting investor confidence.

Bitcoin (BTC) climbed 4% to $89,800, while Ethereum (ETH) rose 5% to $3,030. Among top altcoins, XRP gained 4% to $2.24, Solana (SOL) surged 7% to $144, and BNB gained 5% to $894.

The total crypto market capitalization reached $3.17 trillion, a 3.2% increase over the past 24 hours, with trading volume hitting $139 billion. Bitcoin's dominance stands at 56.5%, while Ethereum holds 11.5% of the market.

The day's top gainers include Kaspa (KAS), up 17%; Hyperliquid (HYPE), up 10% to $35; and PUMP, which is up 8%.

Top losers were Aster (ASTER), down 5% to $1.10, and Canton (CC), down 5%.

Liquidations and ETF flows

Crypto liquidations totaled over $236 million in the past 24 hours, according to Coinglass, with short positions leading at $145 million and long positions accounting for $98 million.

Bitcoin led the sell-offs with $72 million liquidated, followed by Ethereum at $52 million, and SOL with over $18 million in liquidations.

Moreover, spot ETFs recorded strong inflows, with Bitcoin ETFs attracting nearly $129 million, Ethereum ETFs bringing in over $78 million, Solana (SOL) ETFs adding $53 million, and XRP ETFs drawing more than $35 million.

Macroeconomic Data

The uptick comes as fresh U.S. jobs data shows that initial jobless claims dropped last week to 216,000, the lowest since mid-April.

The number of people already on benefits rose slightly to 1.96 million. Even though some big companies have announced layoffs, there haven’t been many actual job cuts yet.

This follows yesterday’s PPI report, which showed wholesale prices rose 0.3% in September due to higher energy and food costs, while core PPI increased 2.6% over the past year, the smallest gain since July 2024.

Analysts say the report could influence the Federal Reserve to consider another interest rate cut in December.