Cryptocurrency markets have experienced a rally, reflecting the gain in U.S. stocks, following encouraging data about the American economy's strength. This boost comes as Bitcoin (BTC) , Ethereum (ETH) , and Solana (SOL) saw significant gains, with smaller digital coins also seeing impressive jumps.
According to CoinMarketCap data, Bitcoin's price surged above $62,000, marking an 8% rise over the past 24 hours. Ethereum saw an even larger increase, climbing 9% to $2,673. Meanwhile, Solana rose to $158, up 2.3% since yesterday.
Earlier in the week, digital assets faced a downturn after a jobs report raised fears of a potential U.S. recession, triggering a sell-off on Wall Street. Additionally, the Japanese yen's strengthening against the U.S. dollar led investors to offload risky assets, including cryptocurrencies.
However, investor sentiment improved after Thursday's data showed a decrease in unemployment benefit filings, easing recession concerns. This news spurred a rally in stocks, with the S&P 500 and Nasdaq gaining 2% and nearly 3%, respectively.
Other cryptocurrencies also enjoyed gains. Dogecoin rose nearly 7% to $0.1028, while Toncoin surged 15% to $6.19. XRP emerged as the biggest winner, climbing 26% to $0.63 following a favorable court ruling. A judge ordered Ripple, the company behind XRP, to pay a $125 million fine to the Securities and Exchange Commission (SEC), significantly less than the $2 billion the SEC had sought.