Coinbase, BitMine, Strive, Robinhood Stocks Jump as Crypto Market Rally Begins

Key Insights

• Top crypto stocks like Coinbase, BitMine, and Strive have jumped.
• The rally happened as Bitcoin and most altcoins rebounded.
• Cryptocurrencies also jumped after the US released weak jobs data.

Top crypto stocks like Coinbase (COIN), BitMine (BMNR), Strive (ASST), and Robinhood (HOOD) jumped today as the cryptocurrency market rally continued.

Coinbase stock jumped by 3.5% in the premarket, while BitMine soared by 2.8%. Strive and Robinhood shares jumped by over 3%. Other companies in the industry, like Bullish, Circle, and Stablecoin Development (SDEV) were in an upward trend.

Top companies in the cryptocurrency industry are doing well as Bitcoin and most altcoins gained momentum. Bitcoin jumped to $86,705, while Ethereum moved to $2,755. Other top coins in the crypto industry continued to rise, with the valuation of all coins rising by 2.2% to $2.9 trillion.

The rally continued after the US published the latest nonfarm payrolls (NFP) data. According to the Bureau of Labor Statistics (BLS), the US created just 29,000 jobs in September, missing the expected 89k. Worse, the agency downgraded the August jobs report from over 162k to 133k.

The report also revealed that the unemployment rate rose from 4.1% to 4.2%, also worse than the expected 4.1%. Manufacturing payrolls dropped to 6,000 from the previous 15k. These numbers mean that the economy is slowing, which may push the Federal Reserve to hold interest rates for the remainder of the year.

Bitcoin and the crypto market tend to do well when the Federal Reserve is either cutting interest rates or hinting it will not hike.

Crypto stocks like BitMine, Robinhood, Coinbase, and Strive are also doing well because of the rising demand for tokens.

According to CoinMarketCap, the total trading volume across the crypto market jumped to over $103 billion. With futures markets involved, the volume jumped by 10% to over $225 billion during this period.

The futures open interest jumped by 5.47% to $156 billion. Bitcoin’s open interest rose to $57 billion, while Ethereum’s rose to $35 billion.

Meanwhile, investors have continued to pile into Bitcoin and altcoin ETFs, a sign that demand has continued to rise. Spot Bitcoin ETFs added over $102 million this month so far. They added over $2.6 billion in September and $3.52 billion in August. Other altcoin ETF inflows like Solana, XRP, and HBAR have continued to add assets.

The ongoing crypto market rally will boost some top companies in the industry. For example, Michael Saylor’s Strategy, which holds 847,666 Bitcoin, would benefit from a continued Bitcoin rally. If it hits $100,000, the value would jump to over $84.7 billion. Strive’s Bitcoin holdings would be $2.7 billion.

Coinbase would benefit because of its Bitcoin and ETH holdings and the fact that more people will start trading. BitMine would benefit as the value of its Ethereum holdings soars.

BTC price chart | Source: TradingView

Technicals suggest that Bitcoin is about to surge. It has already jumped above the important support level of $82,000, its highest level in September.

The coin has already formed a golden cross pattern, while the Average Directional Index (ADX) has risen to 41. It has soared above the Supertrend indicator. Therefore, the coin may continue soaring, potentially to the next key level to watch, which is at $90,000. A move above that level will point to more gains towards $100,000. Such a move would benefit leading companies such as Coinbase, BitMine, Strive, and Robinhood.

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