Bitcoin (BTC) and Altcoins Rise After September Nonfarm Payrolls Data, Traders Optimistic on October

Bitcoin (BTC) rose slightly to $62,500 while Solana (SOL) jumped by 3% to $140. FTX Token (FTT) was the best top-100 cryptocurrency as it jumped by 20%.

Bitcoin and other cryptocurrencies rose slightly on Friday, October 4. This comes after the Bureau of Labor Statistics (BLS) reported that the American economy added 254,000 jobs in September.

This was higher than the median estimate of 147,000 jobs and also led to an upward revision of August’s jobs report to 159,000. The unemployment rate also fell from 4.2% to 4.1% while wage growth rose from 3.9% to 4.0%.

The BLS numbers come at a time when there are rising inflation fears as the crisis in the Middle East escalates, pushing crude oil prices higher. Brent crude rose to $78 while the West Texas Intermediate hit $75.

These numbers could lead to a hawkish pivot by the Federal Reserve, which is not ideal for risk assets like stocks and cryptocurrencies. In a statement on Monday, Sep. 30, Jerome Powell, the Fed Chair, said that the Fed will be conservative when cutting interest rates.

Bitcoin and altcoins rose slightly on Friday after the BLS reported better-than-expected jobs numbers for September. This could be a sign of optimism for crypto investors.

According to CoinGlass, a crypto data provider, October and November have historically been the best two months for Bitcoin. In a note, a crypto analyst highlighted that the best Octobers in recent years started with some struggle.

Another potential catalyst for Bitcoin and other cryptocurrencies is the upcoming US election in November. In the past, top assets have performed well after the election as investors adjust to the new normal of the next administration.

Meanwhile, in a Polymarket poll with $147,000, most betters believe that Bitcoin will rise to $65,500 this month, which is about 7% higher than the current price. Others believe that BTC will hit $70,000 this month. A Bitcoin comeback will lead to more gains by top altcoins like Solana, Ethereum, and Solana. It will also spur more gains in the meme coin industry.

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