Bitcoin price climbs above $86,000 as crypto market advances

Most major assets in the cryptocurrency market recorded gains over the past 24 hours.

Bitcoin rose 1.88% over the past 24 hours to $86,404.32. The cryptocurrency has gained 3.81% over the past seven days and 8.54% over the past 30 days.

Ethereum increased 1.26% to $2,726.96, while BNB rose 1.69% to $796.88. Zcash gained 2.29% to reach $1,335.91.

Monero advanced 0.54%, while Bitcoin Cash increased 0.66%. Bittensor was the only major asset in the listed group to decline, falling 0.71% to $302.98.

Among gold-backed cryptocurrencies, PAX Gold (PAXG) edged up 0.06% to $4,151. Data for Tether Gold was not included in the list.

Analysts say the cryptocurrency market has been supported by a sharp decline in expectations that the U.S. Federal Reserve will raise interest rates again in October following weaker-than-expected U.S. labor market data.

A weaker U.S. dollar and relative stabilization in the bond market have also boosted investor interest in riskier assets.