Bitcoin Dominance Nears 60% as Traders Shift to Risk-On Mode

Bitcoin Dominance — Bitcoin’s market dominance is approaching 60% as traders exhibit a clear risk-on appetite ahead of a key U.S. jobs report, with the flagship cryptocurrency rising over 3% to surpass $86,000.

While bitcoin led gains, the broader market also saw widespread green, with altcoins like SKY, AAVE, and APT surging between 7% and 10%. The shift in sentiment is further evidenced by a decline in the dominance of the stablecoin Tether (USDT), which slipped to 6.3%, suggesting capital is moving out of stablecoins and into more volatile assets.

Market observers are closely watching the upcoming U.S. nonfarm payrolls data, with economists forecasting 90,000 jobs added in September. A stronger-than-expected report could potentially lift Treasury yields and revive bets on interest rate hikes, which may pressure bitcoin and other risk assets.

Analysts note that rising open interest and funding rates across derivatives markets indicate traders are adding leveraged bullish positions. However, over $344 million in liquidations over the past 24 hours underscores the heightened volatility and risk present in the current market environment.