Bitcoin rose on Friday, extending its positive start to October as investors looked to a historically strong month for the cryptocurrency to sustain its recent recovery.
The world’s largest cryptocurrency climbed 1.78 percent to $86,361 by 9:59 GMT, putting it up 2.35 percent for the week and on track for a third consecutive weekly gain.
Bitcoin has also posted gains for three straight months, although it remained about 1 percent lower year-to-date.
‘Uptober’ optimism boosts crypto
Bitcoin’s advance comes after a strong September, when the cryptocurrency gained nearly 12 percent and recovered much of its earlier losses.
October has historically been a strong month for Bitcoin, earning the nickname “Uptober” among crypto traders. Bitcoin has gained in 10 of the past 15 Octobers, with average gains of 27.4 percent compared with average declines of 13 percent in losing years.
The cryptocurrency’s October 2025 performance, however, turned negative despite Bitcoin reaching a record high near the start of the month, as U.S. tariff threats and concerns around artificial intelligence triggered a broader rotation away from crypto assets.
That weakness persisted through much of 2026, with Bitcoin falling as low as $58,000 before staging a recovery over the past three months.
Whether the rebound can continue through October will depend in part on broader market conditions, including higher interest rates and persistent U.S.-Iran tensions.
Jobs data in focus
Broader cryptocurrency prices also moved higher on Friday, although gains were restrained ahead of the release of U.S. nonfarm payrolls data later in the day.
The jobs report is being closely watched amid heightened concerns over the Federal Reserve’s interest-rate outlook. The central bank raised rates earlier in September and warned about persistent inflation, while recent comments from Fed officials have offered mixed signals, with some calling for further rate increases and others seeing no immediate need for additional tightening.
Inflation and labor-market conditions are key considerations for the Fed when setting monetary policy. A stronger-than-expected payrolls reading could give policymakers more scope to raise rates, potentially weighing on risk-sensitive assets such as cryptocurrencies.
U.S. Treasury yields also surged this week, adding to pressure on crypto markets.
Major cryptocurrencies gain
Ether, the second-largest cryptocurrency by market value, rose 1.69 percent to $2,747.96, while XRP gained 3.13 percent.
Solana jumped 3.14 percent, Cardano rose 3.72 percent and BNB added 0.83 percent.
Among memecoins, $TRUMP rose 2.89 percent after reversing part of its sharp gains in the previous session, after the company operating the token said it would host another dinner with U.S. President Donald Trump for its largest holders. Meanwhile, Dogecoin rose 2.28 percent.
