Cryptocurrency Market Capitalisation Sees One Percent Uptick Following Strong US Labour Market Data
Cryptocurrency Market Sees Uptick Following Strong US Labour Market Data
The cryptocurrency market capitalisation has experienced a one percent uptick in the last 24 hours, reaching $2.19 trillion compared to $2.16 trillion a day earlier. This increase comes on the heels of Friday’s strong US labour market data, which has alleviated some recession concerns for the world’s largest economy.
The US Bureau of Labour Statistics reported the addition of 254,000 non-farm payrolls in September, surpassing expectations of 140,000, with August’s figures also revised upward to 159,000. The unexpected decrease in the unemployment rate to 4.1% from a forecasted 4.2% has lent support to crypto market sentiment across various sectors, including meme coins and AI & Big Data categories.
Bitcoin, the leading cryptocurrency, experienced a 1.5% gain, now trading at $63,042.13. Despite a 1.2% loss over the week, Bitcoin is up 49.1% year-to-date. Ethereum also saw a 1.5% rise, trading at $2,467.17, though reflecting a 6.2% loss for the week.
In the meme coin sector, market capitalisation spiked 5.8% to $49.6 billion overnight, with notable gainers including dogwifhat (WIF) and Mog Coin (MOG). Political meme coins also made significant strides, with their market capitalisation increasing by 13.6%.
The top ten cryptocurrencies showed mixed results, with BNB (BNB), Solana (SOL), XRP (XRP), Dogecoin (DOGE), and TRON (TRX) all experiencing gains. Lower-ranked assets also had notable movements, with Mog Coin (MOG) seeing the highest gains within the top 100.
Overall, the positive news from the US labour market data has driven a positive sentiment in the cryptocurrency market, with investors showing renewed interest in various sectors. The market continues to show resilience and potential for growth in the coming days.
