A weaker-than-expected jobs data report from the U.S. significantly diminished rate hike expectations from the Federal Reserve in the October FOMC, enhancing sentiment toward cryptocurrencies. Overall cryptocurrency market capitalisation has increased by 2.1 percent overnight, reaching $2.93 trillion. Bitcoin reached a peak of $87,146 within a 24-hour period. Data released by the U.S. Bureau of Labour Statistics on Friday morning indicated an increase of 29 thousand in non-farm payrolls for September. This compares with a downwardly revised 133 thousand additions in the previous month and expectations of 90 thousand additions. Simultaneously, the unemployment rate, which was anticipated to hold steady at 4.1 percent, rose to 4.2 percent. In light of the surprising developments in the U.S. job market, the dollar experienced a decline, bond yields softened, and the anticipation of a rate increase by the Federal Reserve diminished. The six-currency Dollar Index, which assesses the strength of the U.S. Dollar against a basket of six currencies, is presently at 101.70, indicating a decline of 0.39 percent from the previous close of 102.10.
Bond yields softened across various regions and maturities as market participants expressed scepticism regarding the likelihood of an imminent rate increase by the Federal Reserve in October. At the same time, the probability of a quarter percentage rate increase by the Fed in October has decreased to 20.5 percent, down from 24.4 percent the previous day and 64.2 percent a week prior. Bitcoin, the largest cryptocurrency, is currently trading 1.9 percent higher on an overnight basis at $85,592.68, approximately 32 percent below the all-time high of $126,198. The leading cryptocurrency has experienced a weekly increase of 2.1 percent, while it has recorded a decline of 3.5 percent year-to-date. The 24-hour trading fluctuated between $87,146.35 and $83,794.29. On Thursday, Bitcoin Spot ETF products in the U.S. experienced net inflows amounting to $103 million, contrasting with net outflows of $149 million recorded on Wednesday. iShares Bitcoin Trust ETF topped with net inflows of $196 million. Bitcoin currently holds the 11th position in the global ranking of all assets based on market capitalisation, according to reports. The leading cryptocurrency is situated between the 10th ranked Meta Platforms and the 12th ranked Broadcom.
Ethereum is trading 0.7 percent higher at $2,708.12, approximately 45 percent below its all-time high of $4,953. The leading alternate coin has experienced a 0.6 percent increase over the past week; however, it has seen a decline of 9.7 percent year-to-date. The 24-hour trading fluctuated between $2,773.52 and $2,672.89. Ethereum Spot ETF products in the U.S. experienced a decline in net outflows, decreasing to $55 million on Thursday from $60 million on Wednesday. The Fidelity Ethereum Fund experienced net outflows amounting to $24 million. Ethereum is presently positioned at 55th in the global ranking of all assets according to market capitalisation data. The fourth-ranked BNB experienced a 1.5 percent increase overnight, bringing its price to $780.82. 5th ranked XRP, a payments-focused cryptocurrency, rallied 3.2 percent overnight and is currently trading at $1.53. The price of 7th ranked Solana experienced a 3.7 percent increase overnight, reaching $122.06, which positions it approximately 59 percent below its all-time high of $294.33. U.S.-listed Solana Spot ETF products experienced a reduction in net outflows, declining to $1 million on Thursday from $13 million on Wednesday.
TRON, positioned 8th in the rankings, is presently experiencing a 0.57 percent increase, trading at $0.3349. 9th ranked Zcash experienced a modest increase of 0.15 percent overnight, with its current trading price at $1,393.37, representing a significant decline of approximately 77 percent from its all-time high of $5,941.80. U.S.-listed Zcash Spot ETF products experienced net outflows amounting to $29 million on Thursday, a slight decrease from the $30 million in net outflows recorded on Wednesday. 10th ranked Hyperliquid rallied 2.3 percent on an overnight basis to $90.66, approximately 7 percent below the all-time high of $97.98. On Thursday, U.S.-listed Hyperliquid Spot ETF products experienced net inflows amounting to $5 million, contrasting with the net outflows of $5 million recorded on Wednesday.
