Bitcoin, Ethereum, BNB, XRP And Solana Trade Higher As Crypto Market Sees Broad Gains

The cryptocurrency market is witnessing gains across several major digital assets, with Bitcoin, Ethereum and other leading tokens trading higher. The price movement reflects an overall upward trend across the market.

How Bitcoin And Other Major Cryptocurrencies Are Performing

Bitcoin was trading at $80,408.47, up 4.09 per cent over the past 24 hours. Its weekly gain stood at 0.25 per cent. Ethereum was trading at $2,422.58, up 6.41 per cent over 24 hours and a 4.34 per cent gain over the past seven days. The broader cryptocurrency market also recorded gains, with its total market capitalisation rising 2.67 per cent over 24 hours to $2.71 trillion, according to CoinMarketCap data.

Among other major cryptocurrencies, BNB was trading at $714.07, up 3.06 per cent in 24 hours and 5.40 per cent over the week. XRP was priced at $1.30, making a 3.02 per cent increase over 24 hours and a 0.82 per cent rise over the past seven days. Solana was trading at $95.95, gaining 4.19 per cent in 24 hours and 4.21 per cent over the week.

As of November 4, spot Bitcoin ETFs recorded net inflows of $276 million, while spot Ethereum ETFs saw net inflows of $43 million.

What Triggered The Recent Recovery In Bitcoin And Ethereum Prices?

The recent recovery in Bitcoin and Ethereum prices followed a period of uncertainty around the US midterm election results, according to Prateek Gupta, Head of Business at Mudrex. He said Bitcoin had slipped to a seven-week low of around $75,600 as the results were coming in before recovering towards $80,000 within a day after the outcome became clear.

“The election outcome acted as a near-term sentiment catalyst which allows buyers to re-enter the market and triggers a broader relief rally,” Gupta said. He added that Ethereum’s sharper gains were also driven by the unwinding of bearish bets.

Is The Crypto Market Recovery Short-Term Or Sustainable?

While the recent price gains indicate a recovery across major cryptocurrencies, Vikaas M Sachdeva, CEO of BitDelta India, said underlying market indicators suggest that investor profitability and institutional demand have yet to fully recover.

“Only about 38 per cent of Bitcoin short-term-holder supply was in profit as of November 4, compared with at least 97.5 per cent in early October. The recent price rebound may have reduced some unrealised losses, but it does not necessarily indicate a complete recovery in investor profitability,” Sachdeva said.

“The recent rebound is encouraging, but it is too early to call it a sustained uptrend. Sustained ETF inflows and stronger spot market participation will be important indicators to watch,” said Gupta.