Altcoin Rally: Zcash, XRP Outpace Bitcoin Amid Gold Surge

The cryptocurrency market saw a mixed performance on September 2, with the total crypto market cap reaching $2.7 trillion and $73.5 billion in trading volume over the past 24 hours.

However, Bitcoin's price increased by only 2%, while several altcoins showed stronger gains. Zcash led the pack, rising 6.3% in 24 hours to trade at $851.99, followed closely by XRP with a 4.8% increase and BNB gaining 4.5%.

The surge in gold futures above $4,500 an ounce added over $1 trillion to market cap, with inflation expectations mounting alongside rising oil prices. Labor market data also reinforced rate-cut bets, with jobless claims coming in at 206,000 against a forecast of 205,000 and ADP payrolls rising just 38,000 versus an expected 47,000.

According to analyst Kobeissi, the 'double miss' strengthens the case for a Fed rate cut, which has historically been supportive of risk assets including crypto. Despite Bitcoin's relatively slower price action, institutional demand remains strong, with US spot Bitcoin ETFs pulling in $101 million in net inflows on September 2.