AI Tokens Lead Crypto Rebound Amid Strong U.S. Economy
Alternative cryptocurrencies, or altcoins, surged on Friday as geopolitical concerns eased and a strong U.S. jobs report alleviated recession fears. Bittensor's TAO and Render's RNDR tokens rose 14% and 8%, respectively, with the CoinDesk Computing Index showing significant gains in AI-related tokens. Grayscale increased TAO's weight in its AI-focused fund from 3% to 27% and added the Graph (GRT). Bitcoin climbed to $62,300, up 2.2%, while the Coindesk 20 Index rose 4.2%. The U.S. labor market added 251,000 jobs in September, surpassing estimates, and the unemployment rate fell to 4.1%. This positive sentiment also boosted the stock market, with the S&P 500 and Nasdaq rising 0.9% and 1.2%. The U.S. 10-year Treasury yield increased to nearly 4%, and the dollar index reached its highest since mid-August. Analysts expect continued upward momentum in crypto and stocks as long as the economy remains strong.
