Cryptocurrencies experienced a positive movement ahead of the market opening on Monday, continuing the upward trend established over the weekend, largely driven by robust US jobs data reported on Friday. Analysts are eagerly exploring the fundamental factors that could sustain this momentum. Bitcoin (BTC) saw an impressive increase of more than 1.7%, reaching a trading price of approximately $63,150 before the market bell rang.
Similarly, Ethereum (ETH) experienced a rise of about 1.4%, trading around $2,456. Solana also gained traction, climbing approximately 2.4% to a trading value of $147.24. On a broader scale, the global cryptocurrency market capitalization rose by 1.6%, totaling $2.2 trillion. Meanwhile, the CoinDesk Market Index saw an uptick of more than 1.7% over the past 24 hours, indicating a strong interest and participation in the market.
Recent data released by the Bureau of Labor Statistics revealed that total nonfarm payrolls increased by 254,000 last month, significantly above the expected consensus of a 150,000 rise, as compiled by Bloomberg. Insights from digital asset investment research firm 10x Research provided a nuanced perspective on the cryptocurrency market dynamics.
“While bitcoin has historically displayed vulnerabilities during the initial week of the month, the remainder of October is poised with crucial catalysts that may help sustain this positive trend,” they remarked in a Sunday note. “Geopolitical factors are not expected to hamper this bullish trajectory; instead, they could provide intriguing opportunities for astute traders looking to leverage the market’s volatility.” Furthermore, data from Farside Investors indicated that spot price bitcoin exchange-traded funds (ETFs) concluded the previous week with total net inflows of $25.6 million on Friday, following three consecutive days marked by net outflows.
In total, investors withdrew $274.3 million over the week. Ethereum ETFs also experienced notable movement, with combined net inflows totaling $7.4 million on Friday, although investors withdrew approximately $25.4 million from these funds throughout the week. Looking ahead, this week’s economic indicators include the consumer price index for September, which is slated for release on Thursday, as well as the producer price index set to be disclosed on Friday.
Additionally, the minutes from the Federal Open Market Committee meeting held in September will be published on Wednesday, providing further insight into the economic landscape..