'Uptober' optimism in the cryptocurrency market: Bitcoin exceeded 86 thousand dollars

According to data from analysis company CoinMarketCap, the total value of the global cryptocurrency market increased by 2.27 percent in the last 24 hours, reaching 2 trillion 930 billion dollars.

Bitcoin, which compensated for its losses in September and closed the last 3 months with profits, also made a fast start to October. The historical trend called "Uptober", known as a rising period among cryptocurrency investors, increased optimism in the markets.

Bitcoin, which completed October with an average gain of 27.4 percent in 10 of the past 15 years, is trading at $86,347 with an increase of over 3 percent as of 12.45 today. The weekly value gain of the leading cryptocurrency reached 2.6 percent.

Ethereum, which ranks second in terms of market value, increased by approximately 2 percent to 2 thousand 745 dollars.

Analysts state that bitcoin, which dropped to 58 thousand dollars throughout the year due to US tariff threats and artificial intelligence-focused stock rotations, has continued its strong recovery trend in the last 3 months, however, they point out that geopolitical risks such as US-Iran tension and the current interest rate environment cause a cautious stance to be maintained in the market.

Stating that despite the upward trend in the market in general, investors are waiting cautiously before the US non-farm employment data to be announced later today, analysts agree that the mixed signals following the interest rate decision of the US Federal Reserve (Fed) in September have further increased the importance of this data.

Analysts stated that a possible resistance in the labor market could strengthen the Fed's hand regarding interest rates, and that this scenario could put pressure on crypto assets, and noted that the non-agricultural employment data to be announced today in the USA will have an impact on the direction of the markets.