Crypto prices are rising today, November 7, as the market sees growth, even as the tech-heavy Nasdaq 100 Index is headed for its worst week since April.
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 included Filecoin, FET, Render, and Arweave.
Why Crypto is Going Up Today
The crypto market is going up today because investors continue to buy the dip following the recent dip, and as they might have been encouraged by Bitcoin’s steady hold above $100,000.
Besides, a closer look at the top gainers shows that investors are betting on some specific industries. The most notable one has been privacy, where the Zcash price has jumped from below $50 in October to over $600 today. This surge has led to gains across other privacy tokens, such as Dash, Monero, Decred, 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 token after Sudeng, which jumped by 228%.
DegentAI token bounced by 90%, while Artificial Superintelligence Alliance (FET), Render, Arweave, and Near Protocol were also among the top gainers. This performance is notable given widespread concerns about an AI bubble that could burst soon.
Still, there is a risk that the ongoing crypto market rally is 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 the Dow Jones Industrial Average 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 job 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 about what the Fed should do, with odds of cuts falling to 65% on Polymarket.
Still, there are signs that the stock market may improve. These include a strong earnings season, possible Federal Reserve interest rate cuts, and the ongoing benefits of AI advancements.
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