WASHINGTON (dpa-AFX) - Cryptocurrency market capitalization gained more than a percent in the past 24 hours as markets reacted to the strong labor market update from the U.S. on Friday that eased concerns over recession and a hard landing for the world's largest economy. In data released on Friday morning, the U.S. Bureau of Labor Statistics showed additions of 254 thousand to non-farm payrolls during September versus market expectations of 140 thousand and an upwardly revised addition of 159 thousand in August. The unemployment rate which was seen steady at 4.2 percent unexpectedly edged down to 4.1 percent.
Amidst the positive sentiment, crypto market capitalization has increased to $2.19 trillion. It was $2.16 trillion a day earlier.
Meme category market capitalization jumped 5.8 percent overnight to $49.6 billion. 36th ranked dogwifhat (WIF) and 99th ranked Mog Coin (MOG) recorded overnight gains of more than 14 percent. Political memes category recorded a spike of 13.6 percent in market capitalization.
The AI & Big Data category recorded an overnight spike of 1.3 percent, lifting market capitalization to $28 billion. 22nd ranked Bittensor (TAO) which gained more than 12 percent topped overnight gains amongst the AI & Big Data cryptos ranked within the top 100 overall.
Bitcoin traded between $63,957.00 and $62,185.15 in the past 24 hours. It is currently trading at $63,042.13 implying overnight gains of 1.5 percent, weekly losses of 1.2 percent and year-to-date rally of 49.1 percent. At its current price, the leading cryptocurrency is trading 15 percent below the all-time high recorded in March 2024.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $25.6 million on Friday versus a net outflow of $54.2 million on Thursday.
Ethereum rallied 1.5 percent in the past 24 hours to trade at $2,467.17, around 50 percent below the all-time high. Amidst weekly losses of 6.2 percent, the leading altcoin's year-to-date gains are now just above 8 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net inflow of $7.4 million on Friday versus net outflow of $3.2 million a day earlier.
4th ranked BNB (BNB) gained 1.6 percent overnight but has lost half a percent in the past week to trade at $571.51. Year-to-date gains are close to 83 percent.
5th ranked Solana (SOL) added 1.7 percent overnight, curtailing weekly losses to 5.8 percent. SOL is currently trading at $146.86 implying year-to-date gains of 34.2 percent.
7th ranked XRP (XRP) added 1.2 percent overnight but has lost 14.5 percent in the past week to trade at $0.5373. The cryptocurrency issued by Ripple Labs is currently saddled with year-to-date losses of 12.6 percent.
Dogecoin (DOGE), ranked 8th overall has also lost added 1.5 percent in the past 24 hours to trade at $0.1112.
9th ranked TRON (TRX) has rallied 0.94 percent overnight limiting weekly gains to 0.13 percent. TRX is currently trading at $0.1558.
10th ranked Toncoin (TON) gained half a percent overnight but has lost 9.7 percent in the past week to trade at $5.25.
99th ranked Mog Coin (MOG) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 16.2 percent. 36th ranked dogwifhat (WIF) followed with gains of 14.8 percent. 19th ranked sui (SUI) also added more than 13 percent in the past 24 hours.
60th ranked Maker (MKR) topped overnight losses with a decline of 4.9 percent. 28th ranked Kaspa (KAS) followed with losses of 4.2 percent.
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