Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Alternative cryptocurrencies, or altcoins, lead the digital asset market's charge higher on Friday after geopolitical worries subsided and a blowout U.S. jobs report put recession fears to bed for now.tokens rallied 14% and 8% over the past 24 hours, while the CoinDesk Computing Index, which tracks several AI-related tokens, was the biggest gainer among crypto sectors.
Perhaps helping the move was a much stronger-than-anticipated U.S. labor market report, which added 251,000 jobs in September, blowing past estimates for 140,000. The unemployment rate decreased to 4.1%, quieting concerns of an imminent recession. "Bitcoin and the longer tail of crypto assets are sensitive to labor market data because it influences the Fed’s decision on rate cuts, which in turn have a positive impact on BTC as borrowing costs fall," Leena ElDeeb, said research analyst at digital asset manager 21Shares."We expect flows to start recovering following the escalation of geopolitical tensions that shook the market over the past week.
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