The cryptocurrency market witnessed a significant surge on October 7, 2024, driven by the latest U.S. payroll report, which showed stronger-than-expected job growth. Major cryptocurrencies like Bitcoin and Ethereum led the rally, offering relief to investors who had been concerned about market stability.
The global cryptocurrency market cap rose by 2.58%, reaching an impressive $2.21 trillion over the past 24 hours.
Bitcoin Performance
As of 1:04 p.m. IST, Bitcoin recorded a 2.6% increase, pushing the price to $63,577. Bitcoin has maintained its position above critical support levels, with analysts from CoinSwitch Markets Desk highlighting a rebound from the $59.8K mark. This recovery points to $65K as the next key resistance level.
Bitcoin’s performance is directly influenced by the latest U.S. labor market data, which showed 254,000 jobs added in September. This far exceeded expectations, easing recession fears and reducing the likelihood of interest rate cuts. The overall impact of this news helped fuel the Bitcoin market, providing a positive outlook for future growth.
According to Vikram Subburaj, CEO of Giottus Crypto Platform, Bitcoin’s recovery from its 50-day moving average at $60,600 has reignited bullish momentum. Investors are now watching for the next critical milestone of $64,000, with hopes that the asset could hit $65,000 by the end of the week.
Other Cryptocurrencies Follow Suit
In addition to Bitcoin, other top-performing assets like Ethereum remained above $2,450. Additionally, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Shiba Inu, and Avalanche surged by as much as 6%.
Market Volumes and Bitcoin Dominance
Over the last 24 hours, the market cap of Bitcoin—the world’s largest cryptocurrency—rose to $1.254 trillion. Bitcoin’s dominance increased to 56.78%, with trading volumes surging by 64.2% to reach $20.2 billion. Additionally, stablecoin trading volumes reached $47.62 billion, accounting for 88.34% of total crypto market volume according to CoinMarketCap.
Why is Crypto Falling Today?
Despite the overall bullish sentiment, market volatility remains a concern, with some attributing potential declines to rising geopolitical tensions. For example, conflicts in the Middle East, particularly between Israel and Iran, are weighing on investor sentiment. According to the CoinDCX Research Team, macroeconomic instability has also added to concerns, leading to recent dips in the market.
Investors should keep an eye on upcoming events, including the FOMC meeting and U.S. CPI and PPI reports, which will likely impact cryptocurrency news and market behavior in the coming week.
Conclusion
Overall, Bitcoin and the broader cryptocurrency market have displayed strong resilience amid the latest labor market data. With Bitcoin trading above $63,500, investors are cautiously optimistic, awaiting the next major market move as external economic factors continue to shape price action.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry a high level of risk, and you should conduct your own research before making any decisions.
