Summary
- Bitcoin dominance was reported to be nearing 60%, while Tether’s market share fell to 6.3%.
- CoinDesk said money is moving out of stablecoins and into cryptocurrencies such as Bitcoin, signaling stronger risk appetite in the market.
- Oliver Cording said that if the 10-year real yield rises above 3%, Bitcoin is more likely to retest $80,000 to $82,000 than head for $90,000.
Forecast Trend Report by Period
Bitcoin, the largest cryptocurrency by market capitalization, has raised its market share to nearly 60%.
CoinDesk reported on October 2 that Bitcoin dominance, or Bitcoin’s share of the total cryptocurrency market value, was approaching 60%. By contrast, Tether, the world’s largest stablecoin, saw its market share fall to about 6.3%.
CoinDesk said the decline signals that market participants may be moving funds out of cash-like stablecoins and into cryptocurrencies such as Bitcoin. That suggests investors are becoming more willing to take on risk.
The market may also react later in the day to the release of the U.S. September nonfarm payrolls report. Markets expect 90,000 jobs to have been added, slowing from 162,000 in the previous month, while the unemployment rate is projected to hold at 4.1%.
Oliver Cording, head of marketing at Tesseract Group, said he is watching the 10-year real yield at around 3%. If it stays above that level, Bitcoin is more likely to retest $80,000 to $82,000 than advance toward $90,000.
Bloomingbit Newsroom
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