Bitcoin is continuing its upward movement at the start of the week. On Monday morning, the leading cryptocurrency is trading above $87,000 — more than 1.5% higher than 24 hours ago. Ethereum is holding above $2,800, also up by around 1.5%.
While recently hyped Starknet and privacy-focused projects such as Zcash, Dash, and Monero are among the biggest losers this time, falling between 5% and 9%, the top gainers include Canton Network (+13%) and Hedera (+10%). Telcoin (+8%), which recently secured a historic banking license, is also among the day’s best performers.
In addition to today’s mainnet and token launch of the long-awaited Layer-1 project Monad, as well as the start of trading for Dogecoin and XRP ETFs from Grayscale, altcoin investors are also watching upcoming token unlock events for Hyperliquid, Jupiter, Zora, and Plasma this week. The HYPE token has suffered particularly strong declines in recent days: after the team unstaked part of its tokens, the market priced in potential selling pressure. At the same time, criticism over the project’s lack of transparency has intensified — especially given its status as one of the most talked-about players in the crypto industry.
Meanwhile, investors are counting on a trend reversal during the shortened trading week due to Thanksgiving. S&P 500 futures rose by 0.5% on Monday morning, while Nasdaq 100 futures gained 0.7%. Previously, major U.S. tech companies were heavily sold off amid fears of a potential AI bubble.
Wall Street — and the U.S. Federal Reserve in particular — is also expecting a gradual improvement in macroeconomic data following the end of the government shutdown. Delayed data on producer prices and retail sales for September are set to be released as early as Tuesday. Preliminary estimates for U.S. GDP in the third quarter and core PCE inflation data are also expected to be published this week, and could significantly impact Bitcoin’s price.
While some market participants believe a bear market may be forming, many analysts argue that the market has fundamentally changed due to institutional adoption and the decreasing importance of Bitcoin halvings.
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