Crypto Market Rally Boosts Top Stocks Amid Weak US Jobs Data and Rising Demand

The cryptocurrency market rally is gaining momentum, with top crypto stocks like Coinbase (COIN), BitMine (BMNR), Strive (ASST), and Robinhood (HOOD) jumping in response.

The rally is driven by the rebound of Bitcoin and most altcoins, as well as the weak US jobs data released earlier in the week.

According to the Bureau of Labor Statistics (BLS), the US created just 29,000 jobs in September, missing the expected 89k, and the unemployment rate rose from 4.1% to 4.2%.

This is a sign that the economy is slowing down, which may push the Federal Reserve to hold interest rates for the remainder of the year.

As a result, Bitcoin and the crypto market tend to do well when the Federal Reserve is either cutting interest rates or hinting it will not hike.

The rising demand for tokens is also contributing to the rally, with the total trading volume across the crypto market jumping to over $103 billion and futures markets involved increasing by 10% to over $225 billion.

Investors have continued to pile into Bitcoin and altcoin ETFs, a sign that demand has continued to rise, with spot Bitcoin ETFs adding over $102 million this month so far.