Bitcoin Dominance Nears 60%, Risk-on Mode Takes Hold

Crypto traders are in a risk-on mode, as indicated by Bitcoin's dominance nearing a return to 60%. Bitcoin traded above $86,000 at 9:10 UTC, up 3.4% over 24 hours. Other top performers include Ether (ETH), XRP (XRP), Solana (SOL), and BNB, which rose, but none kept pace with Bitcoin.

The bigger moves came from smaller coins, with SKY, AAVE, and APT jumping 7% to 10%. This suggests traders are moving out of cash and into tokens. The 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 yields. Oliver Carding, head of marketing at Tesseract Group, said he is watching for a 10-year real yield of about 3%, which would make a retest of $80,000 to $82,000 more likely than a run at $90,000.