Major cryptocurrencies rose Sunday night as investors remained optimistic following solid jobs data.
Cryptocurrency Profit +/- Price (Recorded at 8:45 PM EDT)Bitcoin BTC/USD+2.51%$63,448.35Ethereum ETH/USD
+3.17%$2,485.32 Dogecoin DOGE/USD +3.53%$0.113
What happened: Bitcoin rose steadily throughout the day, quickly rising to nearly $64,000 late in the evening. The world’s largest cryptocurrency attempted to recover from last week’s losses, which were exacerbated by geopolitical tensions.
The late-night rally also sent Ethereum soaring to $2,490, up from a drop of more than 5% the previous week.
In the past 24 hours, total crypto liquidations reached nearly $112 million, with downside bets being the most affected.
Bitcoin open interest soared 5.83% in the past 24 hours, indicating a sharp rise in speculative interest in the major cryptocurrency.
The cryptocurrency Fear & Greed has entered the “Neutral” zone after slumping in “Fear” last week.
Top Gainers (24 hours)
Cryptocurrency +/- Price Rise (Recorded at 8:45pm EDT) Popcat (POPCAT)+18.22%$1.44dogwifhat (WIF)+16.52%$2.60BIttensor (TAO)+15.41%$645.02
Global cryptocurrencies increased by 2.35% in the past 24 hours to $2.2 trillion.
Stock futures changed little overnight. Dow Jones Industrial Average futures were down 6 points (0.01%) as of 8:50 p.m. EDT. Futures tracking the S&P 500 fell 0.06%, and Nasdaq 100 futures fell 0.1%.
Major averages ended last week higher after Friday’s September jobs report showed signs of a healthy labor market. Nonfarm payrolls rose to 254,000 in September from 159,000 in August, exceeding economists’ expectations.
This week, investors will focus on the FOMC’s September policy meeting minutes, scheduled for Wednesday, and the Consumer Price Index, scheduled for Thursday.
See more: Best Cryptocurrency Scanner
Analyst Note: Widely followed crypto analyst Kyle Chassé attributes Bitcoin’s recent rally to whale demand, pointing to a surge in accumulation by wealthy investors.
“This is evidence of demand. We know supply is starting to reduce. This is a start,” the analyst said.
new whale spikes $BTC request
The number of newly captured whales is rapidly increasing. #bitcoin.
This is evidence of demand
We know that supplies are starting to dwindle.
This is the beginning! pic.twitter.com/xafTBXSw2d
— Kyle Chasse / DD🐸 (@kyle_chasse) October 6, 2024
Another prominent cryptocurrency researcher, 0xNobler, drew attention to the historical trend of the October Bitcoin bull market.
“BTC’s next target is around $260,000, and many altcoins will follow. Every $100 today = $10,000 in Q1 2025,” the analyst predicted. did.
Historically, all major bull runs started in October 🔥
The next target is $BTC The price is around $260,000, and many alternatives will follow.
Every $100 today = $10,000 in Q1 2025.
Here are 10 low caps that will multiply 50-100x this cycle 👇🧵 pic.twitter.com/VCyk6ZKsfi
— 0xNobler (@CryptoNobler) October 6, 2024
Photo by CMP_NZ on Shutterstock
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