Crypto traders are in risk-on mode as bitcoin dominance nears return to 60%

Crypto is a sea of green ahead of Friday's U.S. jobs report.

Bitcoin traded above $86,000 at 9:10 UTC, up 3.4% over 24 hours. Ether ETH$2,760.92, XRP (XRP), solana (SOL) and BNB also rose, though none kept pace with bitcoin.

The bigger moves came further down the list. SKY, AAVE and APT jumped 7% to 10%, making them the best performers among the 100 largest coins by market value.

Bitcoin's dominance, or its share of the total crypto market, is closing in on 60%. Meanwhile, the share held by USDT, the largest dollar-pegged stablecoin, slipped to around 6.3%, suggesting traders are moving out of cash and into tokens. These two gauges point to a market growing more comfortable with risk.

The nonfarm payrolls report, due at 8:30 a.m. ET, is expected to show the U.S. economy added 90,000 jobs in September, down from 162,000 in August. The unemployment rate is forecast to hold at 4.1%, according to FactSet's consensus estimates.

The bigger question for bitcoin is how Treasury yields react, especially inflation-adjusted, or real, yields. Analysts are watching the jobs data and the Oct. 14 consumer price index report for that reason.