Bitcoin dominance nears 60% as USDT share slips to 6.3%

  • Bitcoin surged 3.4% to above $86,000.
  • Bitcoin dominance neared 60% while USDT share fell to about 6.3%.
  • Markets expected 90,000 September payrolls and a 4.1% unemployment rate.

Bitcoin surged 3.4% to above $86,000 as its dominance approached 60% of the cryptocurrency market, while USDT's share fell to about 6.3%. CoinDesk interpreted the contrasting moves as a shift of funds from stablecoins into assets such as Bitcoin, indicating greater willingness to take risk. Markets were also focused on the U.S. September nonfarm payrolls report, with economists expecting 90,000 new jobs versus 162,000 in the previous month and an unemployment rate of 4.1%. Oliver Caddick, head of marketing at Tesseract Group, said Bitcoin would be more likely to retest $80,000 to $82,000 than move toward $90,000 if the 10-year real yield remains consistently above about 3%.

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