Bitcoin, Ethereum, and XRP rose on Friday, driven by both US economic data and enthusiasm surrounding new initial public offerings from companies linked to the crypto sector.

Cryptocurrencies were supported by inflation figures in line with expectations and a stronger-than-expected increase in unemployment claims on Thursday. This data set led the market to reinforce its expectation that the Federal Reserve will implement three rate cuts this year.

Lower borrowing costs typically favor cryptocurrencies by increasing investors' risk appetite. The proliferation of new crypto companies listing on the US stock market was another factor in the recent rally. Stablecoin issuer Figure had a strong debut on Thursday, and brokerage firm Gemini Space Station will begin trading on Friday.

Bitcoin (BTC) was trading at $115,121 early in the day, up 1% over the past 24 hours, according to CoinDesk data. The world's largest cryptocurrency briefly surpassed $116,000 overnight before retreating. Still, it has accumulated a gain of more than 6% in September, after having fallen in the second half of August from its record high above $124,000.

Leading Cryptocurrencies Sustained Rally

Ethereum (ETH), the second-largest digital asset, rose 1.9% to $4,515, while XRP (XRP) advanced 1.2% to $3.05. Solana (SOL) also gained 6.4%, and Dogecoin (DOGE) climbed 4%.

Figure Technology (FIGR), the stablecoin issuer that recently debuted on the US market, had a strong debut, jumping 24% after pricing its IPO above its expected range.

Next on the list is Gemini Space Station, the brokerage firm run by twins Cameron and Tyler Winklevoss, which will begin trading this Friday. The company reported Thursday night that it placed 15.2 million shares at a price of $28 per share, above the $24 to $26 range.

This is another sign of strong demand for companies with exposure to cryptocurrencies, at a time when the market remains attentive to the evolution of monetary policy in the U.S.