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Bitcoin began the week trading in a tight range, hovering just below the psychological $100,000 mark. The cryptocurrency market was influenced by optimism surrounding potential pro-crypto policies under the incoming Trump administration, while XRP saw a significant surge on speculation of favorable regulatory developments.
Bitcoin Maintains Range Near All-Time Highs
Bitcoin traded at $96,513.2 as of early Monday, up 0.2% but still shy of its recent peak of over $99,000. The world’s largest cryptocurrency has been rangebound between $90,000 and $100,000 over the past two weeks, reflecting some profit-taking after reaching record highs.
The recent rally was buoyed by expectations of friendlier U.S. crypto policies under President-elect Donald Trump, who has pledged to make the U.S. a leader in digital assets. Trump’s potential policy shifts, including appointing pro-crypto officials to key regulatory positions, are being closely watched.
Despite these developments, traders are awaiting more clarity on how these policies might materialize, including the possibility of a “Bitcoin Strategic Reserve” and shifts in regulatory oversight.
XRP Rallies on SEC Case Speculation
XRP was the standout performer, surging nearly 33% to $2.46 and overtaking Tether to become the third-largest cryptocurrency by market capitalization at $140.13 billion.
The rally was driven by speculation that the SEC might drop its long-standing lawsuit against Ripple following SEC Chair Gary Gensler’s impending resignation. Reports suggest that Trump may appoint Paul Atkins, a pro-digital asset advocate, to lead the SEC.
Additionally, traders speculated on the potential transfer of crypto regulation from the SEC to the Commodity Futures Trading Commission (CFTC), which is perceived to adopt a more lenient stance on the sector.
Altcoins and Broader Market Performance
Altcoins showed mixed performance as traders weighed Trump’s protectionist trade rhetoric against potential crypto-friendly policies:
- Ether: Fell 0.5% to $3,667.0, reflecting cautious trading.
- Solana and Cardano: Lost between 3% and 5%, pressured by reduced risk appetite.
- Polygon: Rose 4.3%, bucking the broader trend.
- Dogecoin: Added 2%, maintaining interest among meme token enthusiasts.
Bitcoin’s rangebound behavior indicates a consolidation phase, as traders look for stronger catalysts. The broader crypto market appears to be awaiting policy clarity from the incoming administration, which could significantly influence regulation and market dynamics.
XRP’s recent rally highlights the potential impact of regulatory developments on individual tokens. If Trump’s administration delivers on its promises for crypto-friendly reforms, the market may see renewed bullish momentum.
As the global trade environment evolves and regulatory landscapes shift, cryptocurrencies remain poised for potentially volatile moves in the weeks ahead.
