- Bitcoin traded above $86,000, gaining 3.4% in 24 hours ahead of the U.S. jobs report.
- SKY, AAVE and APT rose 7% to 10%, leading gains among the 100 largest cryptocurrencies by market value.
- Markets are focused on how the jobs data affects Treasury yields, particularly inflation-adjusted real yields.
Bitcoin Leads Broad Crypto Market Rally Ahead of U.S. Jobs Report
Cryptocurrency markets moved broadly higher ahead of Friday’s U.S. nonfarm payrolls report, with bitcoin leading the advance. Bitcoin traded above $86,000 at 9:10 UTC, up 3.4% over the previous 24 hours.
Ether traded at $2,743.58, while XRP, solana (SOL) and BNB also posted gains. However, none of those major cryptocurrencies matched bitcoin’s performance during the period.
SKY, AAVE and APT Post Strongest Gains
The largest moves came further down the cryptocurrency market by market capitalization. SKY, AAVE and APT climbed between 7% and 10%, making them the strongest performers among the 100 largest coins by market value.
Bitcoin’s dominance, which measures bitcoin’s share of the total cryptocurrency market, is approaching 60%. At the same time, USDT’s share of the market has declined to about 6.3%. USDT is the largest dollar-pegged stablecoin.
The shift in these two market indicators suggests traders are moving away from cash-like assets and into cryptocurrencies. Together, bitcoin’s rising dominance and USDT’s declining share point to a market that is becoming more comfortable with risk.
U.S. Jobs Data Could Influence Bitcoin Through Treasury Yields
The U.S. nonfarm payrolls report is scheduled for release at 8:30 a.m. ET. FactSet consensus estimates call for the U.S. economy to have added 90,000 jobs in September, down from 162,000 jobs in August. The unemployment rate is expected to remain at 4.1%.
For bitcoin, the key market reaction may come through Treasury yields, especially inflation-adjusted, or real, yields. Analysts are monitoring the employment data for clues about that reaction, while also looking ahead to the Oct. 14 consumer price index report.
Why This Matters
U.S. employment data can affect expectations for interest rates and bond yields, which in turn can influence demand for risk-sensitive assets such as cryptocurrencies. The current rise in bitcoin’s market share, combined with the decline in USDT’s share, indicates stronger risk appetite ahead of a major economic release. The next major signals for crypto traders will be the Treasury market’s response to the jobs report and the subsequent inflation data.
Frequently Asked Questions
How much did bitcoin rise?
Bitcoin was trading above $86,000 at 9:10 UTC, up 3.4% over 24 hours.
Which cryptocurrencies posted the biggest gains?
SKY, AAVE and APT rose between 7% and 10%, the strongest gains among the 100 largest cryptocurrencies by market value.
What economic data are crypto traders watching?
Traders are watching the U.S. nonfarm payrolls report, due at 8:30 a.m. ET, as well as the Oct. 14 consumer price index report. Analysts are particularly focused on how the data affect Treasury yields and real yields.
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