Crypto markets have rallied to an all-time high of $4.24 trillion in market capitalisation, as investors increased their bets that the Federal Reserve will further cut interest rates at their upcoming October 29th meeting following weaker-than-expected employment data from the US.
Although the current government shutdown prevented the release of the main non-farm payrolls report, we did see ADP figures, which provide a measure of job changes in the private sector, wildly miss forecasts posting a 32,000 jobs decrease where analysts had been anticipating a 50,000 increase.
Spot bitcoin ETFs saw $3.24 billion in net inflows last week, the second-largest week of inflows ever, helping propel the OG cryptoasset’s price to a new-all-time high of $125,736.
Similarly ethereum spot ETFs also saw strong inflows.
With us now entering October, dubbed ‘Uptober’ in the crypto community as it has historically been a month where crypto markets have performed strongly, and with the current sentiment in the markets being risk-on due to anticipating further interest rate cuts, there is every chance we could see the rally continue and new all-time highs being made in bitcoin, ethereum and other major capitalisation cryptos before the month is out.
BIGGEST MOVERS
ZCash $ZEC was one of the biggest movers this week, up 150% from $60 to $160, its highest level in three years, following crypto asset management company Grayscale launching the Zcash Trust, allowing institutional and accredited capital exposure to ZEC without having to hold and manage it directly.
As well as riding the risk-on wave, $BNB set a new all-time high of $1,224 following validators and dapp builders adopting a new minimum gas price of 0.05 Gwei, approximately $0.005 per transaction, making BSC one of the most cost-efficient blockchains in the crypto space.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
Stablecoin market capitalisation crosses $300 billion milestone
The total market capitalisation of stablecoins, tokens whose value is pegged to that of another asset – typically the US dollar, has surpassed $300 billion for the first time and a new all-time high for the sector.
Tether’s USDT leads the way with $176 billion in market capitalisation, 58% of the total. This is followed by Circle’s USDC at $74 billion.
Stablecoins can act as a ‘safe harbour’ within the crypto space and a vehicle to park value without exiting to traditional fiat currency. They’re also widely used in crypto for liquidity, trading lending and borrowing and making payments.
A recent US Treasury report indicated that the stablecoin market could grow to as much as $2 trillion by the end of 2028, potentially majorly benefitting those companies that operate and issue these.
Doodles partners with Kellogg’s Froot Loops
Doodles, the Ethereum-based non-fungible token collection has teamed up with Kellogg’s cereal brand Froot Loops to launch a collection of 500 limited edition, custom-designed cereal boxes.
50 of the 500 boxes were signed by Doodles creator Scott Martin, with one lucky box including an original sketch from the collaboration.
Each box will also come with a digital NFT collectible minted on the Ethereum layer-2 network Base.
Priced at $50 each, the boxes however do not contain any cereal.
Doodles has previously collaborated with brands such as McDonald’s and Adidas. This latest collaboration with Kellogg’s further illustrates the growing demand for ‘phygital’ products, those which bridge digital NFT ownership with tangible, physical items.
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