Market watchers braced for another quiet, red Wednesday ahead of Thanksgiving, but Bitcoin instead delivered an unexpected reversal. The world’s largest cryptocurrency climbed back above $90,000 for the first time in a week, shaking off a month-long slide and breaking from its usual pattern of pre-holiday weakness.
A Rare November Rally
Bitcoin’s jump came after several years of declines on the Wednesday before Thanksgiving. The token rose nearly 11% from last Friday’s panic-driven low near $80,760, although it still trades 20% lower over the past month and remains around 30% below its record high of $126,000. By Wednesday afternoon, Bitcoin hovered just above $90,000, up almost 2% over 24 hours.
Beyond bitcoin, the broader crypto market remained subdued. BTC traded near $86,600 earlier in the day, while ether edged up to $2,900. Despite calmer price action, sentiment remains stuck in “extreme fear” after last week’s steep sell-off.
At the same time, Altcoins showed little momentum, with the biggest move among the top 20 tokens at about 3%. Ether remained near $2,900, while XRP slipped 2%.
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From fundamental perspective, there is a growing optimism about the adoption of Bitcoin by industry leaders. Recently, BlackRock CEO Larry Fink painted a bullish picture for the top crypto and other digital assets. He suggested the cryptocurrency is taking on a role similar to gold in today’s evolving financial system.
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Fink emphasized the growing adoption of digital assets, noting that over $1.4 trillion is now stored in digital wallets worldwide. The remarks underscore a broader trend of major institutions integrating cryptocurrency into mainstream finance
Altcoins Stay Quiet as Fear Persists
Meanwhile, XRP recently reached a monumental milestone, surpassing 4 billion processed transactions, with Grayscale Investments making it easier for investors to tap into the network’s potential.
The firm introduced the Grayscale XRP Trust ETF on NYSE Arca, offering a new, streamlined way to track XRP without holding the token directly. Grayscale Brings XRP to Public Markets Grayscale’s GXRP is structured as an exchange-traded product rather than a traditional 1940-Act ETF.
This means it does not carry the same regulatory safeguards as registered ETFs or mutual funds, exposing investors to higher risk, including potential loss of principal. The product provides market exposure to XRP but does not grant ownership of the underlying tokens.
Krista Lynch, Senior Vice President of ETF Capital Markets at Grayscale, described the launch as a “milestone for investors seeking simplified access to XRP.”
She added that GXRP aims to provide efficient tracking while widening investor participation in the XRP ecosystem. Originally introduced as a private placement in September 2024, the product’s move to public markets signals growing institutional interest in established blockchain networks.
