Altcoins gain over the weekend as markets weigh oil and rate risks

what happened

Dow Jones Newswires reports that weekend trading favored many altcoins, meaning crypto tokens other than bitcoin and stablecoins. NEAR Protocol rose more than 12% to $5.66, while its trading volume increased just over 99% to about $3.5 billion. Coinglass data put NEAR at the fifth-highest volume among cryptocurrencies. Bret Kenwell of eToro also cited strong weekend performance by Celestia, Polkadot, Filecoin and Aptos. Bitcoin fell 0.9% in morning trading to $82,883, while CoinMarketCap’s “altcoin season” index stood at 63 out of 100.

XS.com attributes bitcoin’s stability near $83,000 to high U.S. interest rates and a 5.24% 10-year Treasury yield; U.S. spot bitcoin ETFs posted $678.9 million in net outflows last week. Bitget Wallet said bitcoin was holding the $80,000–$84,000 range even as oil climbed. Bitcoin was down 1.2% at $82,643, ethereum fell 0.2% to $2,530 and XRP declined 1.7% to $1.39. Brent traded above $100–105 a barrel and was last up 2.1% at $106.90.

Capital Economics warned that recent Houthi attacks on Riyadh airport could delay the recovery of Saudi Arabia’s non-oil economy. Economist Jason Tuvey said security concerns may deter tourists and business travelers ahead of the Future Investment Initiative later this month, while also reducing activity in wholesale and retail trade, restaurants and recreation. Non-oil GDP nevertheless contracted by a modest 0.4% in the second quarter. AJ Bell said the Bank of England could avoid rapid rate increases if energy prices retreat significantly; markets price a 91% chance of a November hike and three further increases by July 2027. Oil briefly fell after news of a U.S.-Russia diesel supply deal before turning higher.

ING said the dollar could remain around 158.000 yen over the next six months. It was up 0.2% at 158.66; Japan and the U.S. are uncomfortable with levels above 160, while a move below 150 would require greater Fed caution and a higher Bank of Japan policy rate, which ING does not expect until the second quarter of 2027. The Norwegian krone may strengthen as oil remains elevated; the euro fell to 10.6921 kroner, with ING targeting 10.65 in one month. The Swedish krona could gain modestly, with the euro at 11.2009. U.K. assets may face pressure before the October 28 budget, although S&P Global Ratings affirmed the country’s AA rating and stable outlook. Sterling reached a 16-month high against the euro, which fell to 0.8443 pounds; ING expects 0.8400–0.8500. The franc remains a haven: the euro rose to 0.9308 francs after reaching 0.9258 on October 2, while a sharp franc gain could push it to 0.85.

why it matters

The Dow Jones Newswires reports show several markets responding to the same cross-currents: crypto remains sensitive to U.S. yields and ETF flows, while currencies are being shaped by oil, geopolitical risk, fiscal concerns and central-bank expectations.

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