A crypto rally is happening, with Bitcoin and popular tokens like Somnia (SOMI), ZCash (ZEC), and Aptos (APT) having the biggest gains. Bitcoin price jumped to a high of $117,600, up from the September low of $108,000.
The ZCash price underwent a robust short squeeze, pushing it to a high of $130. It has risen in the last four consecutive days and is now up by 250% from its September low.
This surge has brought its market capitalization to over $1.94 billion, while the daily volume jumped by 152% to $672 million.
Somnia price jumped by 17%, while Aptos soared by 22% from its lowest level this month. Altogether, the market capitalization jumped to over $4 trillion.
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Crypto Rally Happening After Weak US Jobs Data
The ongoing crypto rally is occurring following the recent jobs report from ADP. In a report, ADP noted that the American economy shed over 36k jobs in September after losing 3,000 more in the previous month. This report confirmed that the labor market was deteriorating.
Worse, Donald Trump has hinted that his administration will start firing workers this week as the government shutdown continues. Therefore, these events will make it easier for the Federal Reserve to continue cutting interest rates in the coming meeting. Cryptocurrencies thrive when the Fed and other central banks are cutting interest rates.
Crypto ETF Approval Season is Here
Most altcoins are soaring because the Securities and Exchange Commission (SEC) is preparing to approve or disapprove several crypto ETFs this month. The first one will be Litecoin (LTC), whose deadline will be on Thursday.
After that, ETFs on several coins like Solana (SOL), Dogecoin (DOGE), and Ripple (XRP) will happen in the coming weeks. ETF approvals will be highly bullish for the crypto market as it will lead to more demand from American investors.
Bitcoin Bullish Flag Pattern Points to an Uptober Rally
The crypto market is also rising as investors predict that this October will have positive returns. A good sign of this is Bitcoin, which has formed a bullish flag pattern, which often leads to a strong breakout.
The pattern is made up of a vertical line and a descending channel, and is now nearing its upper side. It has also moved above the 50-day and 100-day moving averages. Therefore, the coin will likely continue rising as bulls target the year-to-date high of $124,200. A Bitcoin price rebound will be highly bullish for the broader crypto market.
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