The global cryptocurrency market has soared to an all-time high of $3.65 trillion, driven by impressive gains from altcoins outperforming Bitcoin. Ethereum surged to a six-month high of $3,750, while XRP skyrocketed over 30%, reaching a six-year high of $2.48. Other altcoins, including Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Shiba Inu (SHIB), and Stellar (XLM), also posted strong performances.

Bitcoin saw modest movement, briefly reclaiming $98,000 before pulling back. Analysts attribute this momentum to renewed investor confidence and anticipation of key economic data slated for release this week.

Key Economic Events: December 2–6

This week marks a critical period for both traditional and crypto markets, as investors monitor high-impact economic data ahead of the Federal Reserve’s December 18 meeting. With labor market updates taking center stage, the reports could significantly influence monetary policy, especially amid ongoing concerns over high inflation.

Economic Calendar This Week

Major Reports to Watch

• Monday: November’s ISM Manufacturing PMI will shed light on trends in the U.S. manufacturing sector, offering a key economic indicator.

• Tuesday: Job openings data will provide a snapshot of labor demand and workforce dynamics.

• Wednesday: November’s nonfarm employment numbers and the ISM Services PMI will reflect conditions in the services sector, which is a major driver of the U.S. economy.

• Friday: The release of nonfarm payrolls and the unemployment rate will give crucial insights into labor market strength. Additionally, preliminary readings of December’s Michigan Consumer Sentiment Index and Consumer Inflation Expectations will gauge consumer confidence and long-term inflation outlooks.

Markets were bolstered last week by the announcement of hedge fund veteran Scott Bessent as the next U.S. Treasury Secretary. However, hotter-than-expected Core PCE inflation data at 2.8% raised concerns of a potential hawkish shift by the Federal Reserve. Combined with strong GDP growth figures, these factors have left investors debating whether another rate cut is likely before year-end.

Looking Ahead

As crypto markets continue to rally, led by altcoin strength, this week’s economic updates will be closely watched for their impact on both investor sentiment and broader market trends. With the Federal Reserve’s policy decision looming, traders are assessing whether the central bank will lean toward tightening or maintain an accommodative stance to balance inflationary pressures and labor market conditions.