Bitcoin and Ethereum gained on Monday as investors reacted to U.S.-China diplomatic developments.
Cryptocurrency markets started the week in the green on Monday, Nov. 24, as investors reacted to news that President Donald Trump had spoken on the phone with Chinese President Xi Jinping.
China’s Foreign Affairs Ministry said in a statement that “the two sides are implementing all elements of what we agreed to” during last month’s meeting between the leaders in Busan, South Korea.
Bitcoin (BTC) rose 1.5% to $88,600 over the past 24 hours, though it’s down 4.5% over the past week, while Ethereum (ETH) gained 5% to $2,960, cutting its weekly losses to 3%.
BTC ChartPaul Howard from Wincent said in comments shared with The Defiant that he doesn’t expect Bitcoin will bounce back to $100,000 levels anytime before Q1 2026.
“Our thesis for trading this year-end is to continue providing huge block liquidity via OTC for institutions liquidating and remembering to take a long-term view where we see the asset class going in the coming year,” Howard said.
He added that crypto’s foundations are in place, and his team expects total value locked (TVL) to rise in the next 12 months despite near-term bearish sentiment.
Altcoins and Big Movers
Among the top 10 altcoins, XRP gained 7.3% to $2.19, Solana (SOL) rose 4% to $136, and BNB climbed 2.2% to $864.
The total cryptocurrency market capitalization is $3.3 trillion, up 2% over the past 24 hours, with a 24-hour trading volume of $159 billion. Bitcoin dominance remains at 56.6%, while Ethereum accounts for 11.4% of the market.
The top gainers over the past 24 hours included RAIN, which rose 130% after biotech firm Envlivex unveiled plans for a $212 million digital asset treasury (DAT). Pumpfun (PUMP) rose 12% to $0.0028, while Canton (CC) gained 10.6% to $0.0868.
The top losers over the past 24 hours included Monero (XMR), which fell 2.4% to $386, Pi Network (PI), which dropped 1.6% to $0.23, and Bittensor (TAO), which declined 1% to $295.
Liquidations and ETF flows
More than $310 million in crypto positions were liquidated over the past 24 hours, according to Coinglass data. Long positions accounted for $126 million of the liquidations, while shorts made up $185 million.
Bitcoin led the sell‑offs with $104 million liquidated, followed by Ethereum with nearly $80 million and Solana (SOL) with over $23 million
Spot Bitcoin ETFs saw nearly $239 million in inflows on Friday, while Ethereum ETFs attracted over $55 million. Solana (SOL) ETFs drew about $11 million in inflows, while XRP ETFs added about $12 million.
Stocks Surge
Elsewhere, major U.S. stock indexes surged on Monday, led by a rally in big tech and chip stocks such as Google and Tesla. This comes as investors are weighing the possibility of an interest rate cut in December.
Gold prices also steadied Monday, trading between $4,040 and $4,080 per ounce after last week’s dip below $4,000.
Meanwhile, crude oil extended its decline as talks over a U.S.-proposed Ukraine-Russia peace plan raised the possibility of increased Russian supply, experts said.
Source: https://thedefiant.io/news/markets/bitcoin-clears-usd88-000-after-trump-xi-call
