Crypto prices are going up today, Nov. 7, as the crypto market inks, with the tech-heavy Nasdaq 100 Index on track for its worst week since April this year.
Bitcoin price rose to $102,400, while the market cap of all tokens jumped to $3.47 trillion. Some of the top gainers in crypto were coins like Filecoin, FET, Render, and Arweave.
Why Crypto is Going Up Today
The crypto market is going up today as investors continue to buy the dip following the recent dip. Investors have been encouraged by the fact that Bitcoin has held steady above $100,000.
Additionally, a closer look at the top gainers shows that investors are betting on some specific industries. The most notable ones has been the privacy, where Zcash price has jumped from below $50 in October to over $600 today. This surge has led to gains across other privacy tokens like Dash, Monero, and Horizen.
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The other major theme in the crypto industry is artificial intelligence. Filecoin, a storage platform used for some AI work, jumped by 105%, making it the second-best performing tokens after Sudeng, which jumped by 228%.
DegentAI token jumped by 90%, while Artificial Superintelligence Alliance (FET), Render, Arweave, and Near Protocol were among the top gainers. This performance is notable since there are widespread concerns about an AI bubble that could burst soon.
Still, there is a risk that the ongoing crypto market rally is part of a dead cat bounce. That’s because the crypto Fear and Index is still in the fear zone, and most tokens remain below their moving averages.
Why the Stock Market is Falling
The ongoing crypto market rebound is happening as cryptocurrencies are falling. Data shows that the Nasdaq 100 Index dropped by 1.40%, while the S&P 500 and Dow Jones fell by 0.60% and 0.40%, respectively.
Stocks are falling as investors remain concerned about the AI bubble and valuations. Most notably, there are lingering concerns about the ongoing government shutdown that has led to data deprivation.
For example, the Bureau of Labor Statistics (BLS) did not publish the latest jobs numbers today. It has not published these numbers two times in a row, leaving the market to rely on private-sector data.
A report this week showed that the private sector created 42,000 jobs in October, while another one showed a significant increase in layoffs. As such, analysts and investors are still concerned on what the Fed should do, with odds of cuts falling to 65% on Polymarket.
Still, there are signs that the stock market will rebound, including the strong earnings season, Fed cuts, and the fact that AI tailwinds are still here.
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