Bitcoin Surges Past $86,000 as Traders Shift Focus to Riskier Crypto Assets

Bitcoin surged past $86,000 on Friday as traders shifted their focus from stablecoins to riskier crypto assets. This shift is reflected in Bitcoin's share of the total digital-asset market, which is closing in on 60% for the first time in years.

The world's largest cryptocurrency gained 3.4% over 24 hours ahead of the U.S. nonfarm payrolls report, while other major cryptocurrencies like Ether, XRP, Solana, and BNB also advanced.

However, not all altcoins performed well, with Quant experiencing a sharp reversal after its recent surge, falling approximately 15% to trade near $250.

The increase in Bitcoin's dominance is accompanied by a decline in the share of USDT, the largest dollar-pegged stablecoin, which now accounts for roughly 6.3% of the crypto market.

Oliver Carding, head of marketing at Tesseract Group, stated that he is monitoring the jobs report and the October 14 consumer price index data primarily for their effect on longer-dated yields.