Key Points
- Bitcoin and altcoins remain stable after positive US nonfarm payrolls data for September.
- Cryptocurrency investors remain optimistic about Bitcoin and altcoin performance in October.
Bitcoin and other altcoins maintained their stability following the release of September nonfarm payrolls data by the Bureau of Labor Statistics.
US Nonfarm Payrolls Rebound
The data showed that the US economy added 254,000 jobs in September, surpassing the median estimate of 147,000. The August jobs report was also revised upwards to 159,000.
The unemployment rate decreased from 4.2% to 4.1% and wage growth increased from 3.9% to 4.0% in September. These figures were released amidst increasing inflation concerns due to a crisis in the Middle East, which has driven up crude oil prices.
Federal Reserve’s Stance
There is concern that the Federal Reserve may not cut interest rates as aggressively as anticipated. Federal Reserve Chair Jerome Powell stated on September 30 that the Fed would take a conservative approach to cutting interest rates. A hawkish stance from the Federal Reserve could have a moderate bearish impact on risk assets like stocks and cryptocurrencies.
Optimism in the Crypto Market
However, many cryptocurrency investors remain upbeat about the performance of Bitcoin and altcoins in October. Traditionally, October and November have been the most profitable months for Bitcoin.
The upcoming US election in November could also serve as a catalyst for Bitcoin and other tokens. Typically, top assets perform well post-election as investors adjust to the new administration.
Most participants in a Polymarket poll believe that Bitcoin will rise to $65,500 this month, a 7% increase from the current price. Many others anticipate it reaching $70,000 this month.
A resurgence in Bitcoin could result in gains for most altcoins such as Solana and Ethereum, and could also stimulate growth in the meme coin industry.