Bitcoin Price Surges Amidst Rate Cut Bets Ahead of US Jobs Report
Bitcoin's price has reached $77,755.77, a 1.1% increase over the past 24 hours, while the broader crypto market capitalization remains roughly flat at $2.7 trillion.
The total trading volume is $73.5 billion, with Bitcoin accounting for 59.7% of the market's weight, its highest recent level.
Ethereum dominance sits at 11.2%, while altcoins make up 29.1% of the total capitalization.
Private payrolls rose by just 38,000 in August, below the forecasted 47,000 and down from July's 46,000 reading, adding to rate cut bets for the Federal Reserve.
Markets are now focused on Friday's nonfarm payrolls report, with economists expecting a gain of 53,000 jobs and unemployment holding steady at 4.1%.
Vikram Subburaj, CEO of Giottus.com, notes that Bitcoin is trading in a largely range-bound market as investors wait for clearer signals from the employment data.
On-chain data shows that around 68% of Bitcoin's circulating supply remains in profit, and the short-term holder cost basis sits near $71,000, indicating most recent buyers are still in positive territory.