Bitcoin experienced a rise on Friday, continuing its promising start to October, as optimism grows that the cryptocurrency may follow a historical trend of gains this month.
The largest cryptocurrency saw a 3% increase, reaching $86,650.4 by 01:01 ET (05:01 GMT), marking a 2.6% rise for the week—its third consecutive week of gains.
Other cryptocurrencies also gained, but larger advances were somewhat stifled by caution ahead of the U.S. nonfarm payrolls data scheduled to be released later that day.
Bitcoin enters ‘uptober’ with momentum and caution
Bitcoin opened October positively, building on its strong performance in September, which helped it eliminate much of its year-to-date losses.
This cryptocurrency has traditionally performed well in October—often referred to as “uptober” by crypto enthusiasts—drawing current market optimism for further increases following a 6.4% rally last month.
In fact, Bitcoin has enjoyed three consecutive months of growth but still trades about 1% lower than the beginning of the year.
Historically, Bitcoin has risen in 10 of the past 15 Octobers, with average increases of around 27.4% and average decreases of 13%.
However, in October 2025, Bitcoin’s performance turned negative despite hitting a record high early in the month. This decline was triggered by a combination of U.S. tariff concerns and worries about artificial intelligence, leading to a market shift away from cryptocurrencies.
This trend continued well into 2026, pushing Bitcoin down to about $58,000 before it began to recover over the last three months.
Now, the question is whether Bitcoin can maintain this rebound throughout October, especially given the persistent risk factors in the market, including rising interest rates and ongoing tensions between the U.S. and Iran.
Crypto price today: altcoins drift higher with payrolls on tap
Overall, crypto prices strengthened on Friday, but gains remained limited due to the anticipation of crucial U.S. nonfarm payrolls data.
This report, expected later on Friday, comes as unease grows regarding the Federal Reserve’s potential for additional interest rate hikes, particularly following their recent increase in September and warnings surrounding persistent inflation.
Comments from Fed officials overnight showed mixed signals—while some pushed for further rate hikes, others identified no immediate need for tightening.
The Fed is primarily focused on inflation and the labor market. Strength in payroll figures could give them more leeway to raise rates, which might not bode well for the cryptocurrency sector.
U.S. Treasury yields have surged this week, adding to the pressure on cryptocurrency markets.
Meanwhile, Ether, the second-largest cryptocurrency, climbed by 0.4% to $2,728.87, and XRP increased by 0.9%.
Solana jumped 2.9%, Cardano rose 0.5%, and BNB strengthened by 0.9%.
In the meme coin category, $TRUMP dipped 2.6% after earlier sharp gains, following an announcement related to a planned dinner with Donald Trump for the coin’s major holders, whereas Dogecoin gained 0.5%.
