Major cryptocurrencies moved higher over the past 24 hours, led by XRP, while Bitcoin climbed back above $77,500. Despite the rebound, most large-cap tokens remained in negative territory over the past week, with only Zcash and Hyperliquid posting gains among the major assets.
Bitcoin traded above $77,600 during Thursday’s Asian session, gaining roughly 1.5% over 24 hours after falling to around $76,400 late Wednesday in U.S. trading. XRP advanced about 3% to $1.36, while BNB gained roughly 2% to just below $692. Solana rose around 2% to $100, and TRON added about 1% to $0.33. Hyperliquid was little changed above $82, while ether remained below $2,400 and was the weakest performer among the group.
On a seven-day basis, ETH was down about 4%, followed by TRON at roughly 3% lower and XRP down around 3%. Bitcoin was off approximately 1%. Zcash, trading near $817, and HYPE were the only major tokens showing weekly gains.
Bitcoin Holds Key Cost Basis
Analysts at Bitfinex said Bitcoin’s average cost basis among active investors is around $76,350. BTC came within roughly $50 of that level before buyers stepped in, suggesting the area continues to attract demand.
The analysts said the zone also allowed holders who accumulated Bitcoin during February and March to exit around breakeven rather than realizing losses, helping absorb selling pressure.
Bitfinex nevertheless warned that Bitcoin could face a seasonal pullback in September. Since 2013, BTC has recorded an average September return of about -2.95%. Even so, the firm said the momentum built during August could leave the broader long-term trend intact.
Oil, Bonds Add to Inflation Pressure
Bitcoin’s resilience came despite renewed pressure from traditional markets. New U.S. strikes near the Strait of Hormuz pushed oil prices higher and revived concerns about inflation.
The 10-year Treasury yield moved above 4.8%, marking its highest closing level since 2023, while the dollar index traded just below 100.
The S&P 500 finished at 7,646, the Dow Jones Industrial Average gained about 277 points, and gold traded near $4,418.
Fed Bets Shift Ahead of Jobs Report
Markets have also adjusted expectations for the Federal Reserve’s next policy move. CME FedWatch data showed roughly a 62% probability of a 25-basis-point rate hike on Sept. 16, down from more than 67% a day earlier but well above the roughly 37% probability seen a week ago before Kevin Warsh’s Jackson Hole speech.
Futures are still pricing in virtually no chance of a rate cut.
The upcoming U.S. nonfarm payrolls report could therefore become the next major catalyst for Bitcoin and other risk assets. Options positioning suggests traders are preparing for increased volatility around the release.
Downside hedges are concentrated between roughly $68,000 and $75,000 through the Sept. 11 CPI report, while call positioning extends above Bitcoin’s current trading range. Leverage in perpetual futures has also declined from its August peak.
A weaker-than-expected payrolls report, particularly alongside the soft ADP employment figures, could reduce expectations for a Fed hike and potentially give Bitcoin another push toward the $80,000 level.
