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.

Bitcoin bounces back ahead of Thanksgiving, Source: CoinMarketCap

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. Altcoins showed little momentum, with the biggest move among the top 20 tokens at about 3%.

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The altcoin market held steady. Ether remained near $2,900. XRP slipped 1.3%. STRK erased nearly all its gains from earlier this month, dropping more than 40% in a week after briefly rallying from $0.10 to $0.27.

Altcoins Stay Quiet as Fear Persists

XRP just reached a monumental milestone, surpassing 4 billion processed transactions, and Grayscale Investments is making it easier for investors to tap into the network’s potential.

The firm has introduced the Grayscale XRP Trust ETF (GXRP) 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.

Source: Finance Magnates