Crypto Market Sees Modest Gain as Uptober Rally Hopes Rise

The crypto market is up 2.57% today, with a total market value of $2.94 trillion. This modest gain has traders wondering if the Uptober rally has begun. Bitcoin, Ethereum, XRP, and Solana are all seeing price increases, with Bitcoin rising 6.33% in September and down about 1% for the year.

The Crypto Fear and Greed Index is currently at 72, indicating a Greed zone sentiment. This is slightly lower than yesterday's score of 74. However, sentiment remains upbeat. Traders lost $333.60 million in liquidations over the past day, with short sellers taking the biggest hit.

Many traders believe that October tends to favor Bitcoin, and hopes for a good month are helping drive prices up. The chance of a 25 bps hike in October has fallen from almost 65% a week ago to 23.80% now, after weaker-than-expected PCE inflation data and comments from Fed officials. This has led to lower yields and a weaker dollar, which can be beneficial for Bitcoin.

However, the jobs report due later today could change the market's mood quickly. A strong payrolls number would give the Fed more room to hike interest rates, which is usually bad for crypto. Bulls have the calendar and softer Fed odds, but bears have mixed ETF flows and weak altcoin sentiment.