Bitcoin Dominance Nears 60% as Crypto Traders Go All-In on Risk

Crypto traders are in a risk-on mode, with Bitcoin dominance nearing a return to 60%. The price of Bitcoin has surged above $86,000, up 3.4% over the past 24 hours. Other top performers include Ether (ETH), XRP (XRP), solana (SOL), and BNB, though none have kept pace with Bitcoin. The bigger moves have come from smaller assets, with SKY, AAVE, and APT jumping 7% to 10%.

The share of USDT, the largest dollar-pegged stablecoin, has slipped to around 6.3%, suggesting traders are moving out of cash and into tokens. This shift indicates a market growing more comfortable with risk. The upcoming nonfarm payrolls report, due at 8:30 a.m. ET, is expected to show the U.S. economy added 90,000 jobs in September, down from 162,000 in August.

Analysts are watching the jobs data and the Oct. 14 consumer price index report for its effect on Treasury yields, particularly inflation-adjusted, or real, yields. Oliver Carding, head of marketing at Tesseract Group, is monitoring the 10-year real yield, which he considers a key level. If yields move above 3%, it could make a retest of $80,000 to $82,000 more likely than a run at $90,000.