Bitcoin, altcoins rise as cooling labor market fails to spook risk trade
A lukewarm U.S. employment report for August sparked a broad crypto rally Friday. Traders appear to have interpreted the stagnant data as a signal for potential monetary easing, pushing Bitcoin above $113,000 and lifting altcoins across the board.
- Bitcoin climbed above $113K as a soft August U.S. jobs report sparked a broad crypto rally.
- Total cryptocurrency market capitalization rose over $60 billion to nearly $3.9 trillion.
- Altcoins including Ethereum, Cardano, and SUI saw notable gains alongside memecoins.
On September 5, the U.S. Bureau of Labor Statistics reported that nonfarm payrolls added a mere 22,000 jobs in August, a figure that underscores a period of prolonged stagnation since spring.
According to the bureau, the unemployment rate held steady at 4.3%. However, the report detailed a landscape of cooling labor dynamics, including a rise in long-term unemployment and a dip in the labor force participation rate.
Within minutes of the 8:30 a.m. ET release, a clear bid for risk assets emerged, propelling the total cryptocurrency market capitalization upward by over $60 billion to flirt with the $3.9 trillion mark.
Crypto trades the macro narrative
According to crypto.news data, Bitcoin ( BTC ), the sector’s flagship asset, led the charge with a decisive 2.06% climb. It shook off an early dip near $109,347 to breach $113,357, ultimately consolidating its gains just above $113,000. This established a firm bullish tone for the entire digital asset complex.
Beyond BTC, the rally revealed a strong appetite for both established altcoins and high-beta speculative plays. Ethereum ( ETH ) posted a solid 1.4% gain, but the more telling metric was a significant 6.8% surge in its trading volume, which ballooned to $40.56 billion.
ETH’s spike in activity suggests that while its price movement was modest, institutional and large-scale traders were actively accumulating or repositioning their portfolios, anticipating it to be a key beneficiary of improved liquidity conditions.
The momentum was even more pronounced further down the cap scale. Cardano ( ADA ) notably outperformed the broader market, jumping over 3.25%. The Layer 1 protocol Sui ( SUI ) emerged as the day’s standout performer, vaulting 4% to trade at $3.44 at the time of writing.
Perhaps most indicative of the pure risk-on sentiment was the concurrent rally in memecoins. Shiba Inu ( SHIB ) rose 1.93%, while its counterparts Pepe ( PEPE ), FLOKI, and dogwifhat ( WIF ) saw more aggressive inflows, climbing 2.51%, 3.06%, and 3.76% respectively. This uniform green across such a diverse set of assets underscores a market-wide bet on easing financial conditions, not isolated fundamental developments.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
2025 TGE Survival Ranking: Who Will Rise to the Top and Who Will Fall? Complete Grading of 30+ New Tokens, AVICI Dominates S+
The article analyzes the TGE performance of multiple blockchain projects, evaluating project performance using three dimensions: current price versus all-time high, time span, and liquidity-to-market cap ratio. Projects are then categorized into five grades: S, A, B, C, and D. Summary generated by Mars AI This summary was generated by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.

Mars Finance | "Machi" increases long positions, profits exceed 10 million dollars, whale shorts 1,000 BTC
Russian households have invested 3.7 billion rubles in cryptocurrency derivatives, mainly dominated by a few large players. INTERPOL has listed cryptocurrency fraud as a global threat. Malicious Chrome extensions are stealing Solana funds. The UK has proposed new tax regulations for DeFi. Bitcoin surpasses $91,000. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated by the Mars AI model.

How much is ETH really worth? Hashed provides 10 different valuation methods in one go
After taking a weighted average, the fair price of ETH exceeds $4,700.

Dragonfly partner: Crypto has fallen into financial cynicism, and those valuing public blockchains with PE ratios have already lost
People tend to overestimate what can happen in two years, but underestimate what can happen in ten years.

