TLDR
- Bitcoin retreats to $103,000 despite legislation signed by Trump to reopen the government.
- XRP leads the market with a 3.5% rise, surpassing $2.50 amidst expectations for its ETF.
- Total crypto market capitalization struggles to hold at $3.6 trillion.
A day of mixed volatility in the cryptocurrency market, directly influenced by political decisions in the US and high financial expectations on Wall Street. Although Bitcoin’s price experienced an immediate liftoff following President Trump’s signing to resume government operations, the bullish rally suddenly halted at $104,000.
At the same time, optimism shifted to altcoins; specifically, all attention focused on the imminent XRP ETF launch.
The pioneer cryptocurrency marks an evident corrective trend. After starting November above $111,000, Bitcoin plummeted below six figures last week. Although there was a momentary rebound on Monday towards $107,000, driven by the promise of $2,000 tariff checks, the movement turned out to be a fakeout.
On Thursday, following the signing of the government reopening, BTC attempted to regain ground, but selling pressure has returned it to the $103,000 zone, reducing its market dominance to 57.5%.
Bullish Expectations for the New Financial Product
While the pioneer asset appears weakened, the day’s most potent narrative revolves around the spot XRP ETF launch in the United States. The crypto community is celebrating that the final regulatory hurdle appears to have fallen, catapulting the price of the underlying asset.
At the time of writing, XRP is registering an increase of over 3.5%, marking a psychological valuation above $2.50, decoupling from the sluggish trend of the rest of the market.
On the other hand, the outlook is less encouraging for other altcoins. Assets like BNB, Solana (SOL), Cardano (ADA), and Dogecoin are trading in slight red numbers. However, not everything is stagnant: Zcash (ZEC) has managed to recover the $500 level following a 4% rise. On the flip side, tokens like Uniswap (UNI) and TAO have suffered severe corrections of up to 8%.
Overall, the total market capitalization struggles to hold just under $3.6 trillion, with investors rotating capital into XRP in anticipation of the XRP ETF launch, hoping this event acts as the next major liquidity catalyst.
