In a notable development, Bitcoin surged past $88,000, reaching $88,600, as investors responded to recent diplomatic communications between the United States and China. This price movement occurred on Monday, November 24, following a phone conversation between U.S. President Donald Trump and Chinese President Xi Jinping. According to China”s Foreign Affairs Ministry, both leaders are actively working on implementing agreements made during their prior meeting in Busan, South Korea.
Despite the recent uptick, Bitcoin has experienced a decline of 4.5% over the past week. Meanwhile, Ethereum also saw gains, rising by 5% to $2,960, reducing its weekly losses to 3%. Paul Howard from Wincent provided insights, stating he does not foresee Bitcoin reaching $100,000 before the first quarter of 2026. He emphasized the importance of maintaining a long-term perspective, particularly for institutional investors, advocating for significant block liquidity via over-the-counter (OTC) transactions.
Howard noted that despite the current bearish sentiment in the market, the foundational elements of the cryptocurrency space are solid, and he anticipates an increase in total value locked (TVL) over the next year.
Market Movements and Altcoin Performance
In addition to Bitcoin and Ethereum, several altcoins experienced notable price movements. Among the top ten cryptocurrencies, XRP surged by 7.3% to $2.19, Solana (SOL) gained 4% to $136, and BNB saw a 2.2% increase, reaching $864. The overall cryptocurrency market capitalization is now at $3.3 trillion, reflecting a 2% increase in the last 24 hours, with a trading volume of $159 billion. Bitcoin”s market dominance remains steady at 56.6%, while Ethereum commands 11.4% of the total market.
Among the top gainers recently, RAIN skyrocketed by 130% following the announcement from biotech firm Envlivex regarding a $212 million digital asset treasury (DAT). Other notable gainers include Pumpfun (PUMP), which rose 12% to $0.0028, and Canton (CC), increasing by 10.6% to $0.0868.
Liquidations and ETF Inflows
In the past 24 hours, more than $310 million in cryptocurrency positions were liquidated, with long positions contributing $126 million and shorts accounting for $185 million. Bitcoin led the liquidations with $104 million, followed by Ethereum, which saw nearly $80 million liquidated, and Solana, with over $23 million.
On the exchange-traded fund (ETF) front, spot Bitcoin ETFs recorded inflows of almost $239 million on Friday, while Ethereum ETFs attracted over $55 million. Additionally, Solana ETFs saw about $11 million in inflows, and XRP ETFs added around $12 million.
As the cryptocurrency market reacts to global developments, traditional financial markets also showed positive momentum. Major U.S. stock indexes surged, driven by a rally in technology and semiconductor stocks, including Google and Tesla, as investors speculate on potential interest rate cuts in December.
In commodities, gold prices stabilized between $4,040 and $4,080 per ounce after dipping below $4,000 last week. In contrast, crude oil prices continued to decline, influenced by discussions surrounding a U.S.-proposed peace plan for Ukraine and Russia that may increase Russian oil supply.
