- Bitcoin rebounds to $87k after briefly hitting a 24-hour high of $89,206.
- XRP soars 11%, fueled by ETF inflows, reclaiming all last week’s losses.
- Global crypto market cap tops $3.02T as investor sentiment strengthens on Fed rate-cut expectations.
After several days of a bearish trend, the crypto market is bullish again, with Bitcoin making a renewed attempt at the $90K level. Today, Bitcoin briefly reclaimed $89,206 after having dropped to $80,600 last Friday. At press time, Bitcoin had settled slightly lower at $87,944, reflecting a 1.02% gain.
Meanwhile, altcoins gave a standout performance over the past 24 hours. Market data from Santiment highlighted XRP as one of the biggest gainers, soaring over 10% to trade at $2.24. This price movement has allowed XRP to recover all losses incurred last week. On Tuesday, XRP showed a weekly gain of 4.02%, compared to Bitcoin, which still reflects a 2.3% loss.
Other altcoins leading the recovery today include SUI (+11%), PEPE (+8%), NEAR (+7%), TEL (+6%), and ETH (+3%). These assets are rebounding sharply from last week’s FUD-driven pullback.
They are now attempting to build on this momentum as sidelined traders gradually re-enter the market. Notably, the global crypto market cap has rebounded above $3.02 trillion, after crashing to $2.8 trillion last week.
Related: Bitcoin Sits Above the Crucial $80,000 Level: What Should Investors Expect?
Market Sentiment Strengthens on Fed Rate-Cut Expectations
The shift in sentiment followed new data showing the probability of a Federal Reserve rate cut in December rising to 85%, boosting confidence across risk-on assets. The PayFi sector led all categories with a 9.03% surge, driven by strong performances from:
- XRP, up by 11.00%
- Telcoin (TEL), up by 3.61%
Several major sectors also posted notable gains as volatility cooled and markets stabilized:
- Meme Sector: up by 5.51%, with Fartcoin jumping 24.17%
- DeFi Sector: up by 4.35%, supported by Ethena (ENA) rising 10.64%
XRP Leads Amid ETF Momentum
While Bitcoin remains the market anchor, XRP is currently leading the charge as ETFs for the coin begin launching. On Monday, global asset manager Franklin Templeton launched its new XRP ETF (XRPZ), recognizing XRP’s key role in global payments. The ETF allows investors exposure to XRP without holding the token directly.
Its first-day inflows totaled $62.59 million, bringing the total XRP ETF inflow to $164 million. Grayscale’s GXRP led with $67.36 million, while Bitwise and Canary Capital added $17.71 million and $16.38 million, respectively. Monday’s total XRP ETF inflows reached $164 million, bringing overall XRP ETF assets under management to $628.62 million.
Related: Franklin Templeton Grayscale XRP ETFs to Launch Nov 24 with $150M Volume Expected
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Source: https://coinedition.com/bitcoin-rebounds-to-89200-xrp-soars-11-global-market-tops-3-02t/
