Bitcoin Holds Above $77K as XRP Leads Crypto Gains

Bitcoin traded above $77,600 during Asian trading on Thursday, gaining about 1.5% over the previous 24 hours after recovering from a low near $76,400 during late U.S. trading.

XRP outperformed major cryptocurrencies, rising nearly 3% to $1.36. BNB climbed almost 2% to just below $692, while Solana gained around 2% and held the key $100 level. Tron advanced roughly 1% to $0.33, while Hyperliquid’s HYPE remained largely unchanged above $82. Ether underperformed, trading just below $2,400.

Despite Thursday’s rebound, the broader crypto market remains weaker on a weekly basis. Ether has declined almost 4% over seven days, while XRP and Tron are down roughly 3%. Bitcoin has lost about 1%, leaving Zcash, trading near $817, and HYPE among the few major tokens maintaining weekly gains.

Bitfinex analysts identified $76,350 as the average cost basis for active Bitcoin investors. BTC came within roughly $50 of that level before buyers emerged. According to the analysts, the area has provided support as investors who entered positions during February and March sold near breakeven.

The analysts also warned that Bitcoin could experience another short-term correction because September has historically been a weak month. Since 2013, BTC has recorded an average September return of about negative 2.95%.

Bitcoin’s resilience came despite pressure from global bond markets. Renewed U.S. strikes near the Strait of Hormuz pushed crude oil higher, fueling inflation concerns. The 10-year U.S. Treasury yield climbed above 4.8%, while the U.S. Dollar Index approached 100. Gold settled near $4,418.

CME FedWatch showed markets pricing a probability slightly above 62% for a 25-basis-point Federal Reserve rate hike on September 16, compared with around 37% a week earlier. Traders see virtually no chance of a rate cut.

Attention now turns to Friday’s U.S. nonfarm payrolls report. A weaker-than-expected jobs reading, following Wednesday’s ADP data, could reduce Fed rate-hike expectations and potentially give Bitcoin enough momentum to retest the $80,000 level.