The crypto market witnessed an upwards swing after the U.S. regulators took the first step towards possibly ending the ongoing government shutdown situation. Bitcoin reflected a gain of 4.26 percent on Monday, November 10. After days of having traded at around $100,000, the asset has rebounded to its present value of $106,145, data by CoinMarketCap showed.
Market analysts predict that if Bitcoin manages to sustain above this level, it could confirm the control of the bulls over the market sentiment, opening doors for further upside.
“The last time the US ended its government shutdown, BTC went on a five-month rally, gaining close to 300 percent in value. A similar trend is expected, considering the improving liquidity conditions and shifting global risk sentiment,” Edul Patel, CEO of Mudrex told CoinHeadlines. “BTC’s immediate resistance stands at $106,800 while support remains at the $100,000 zone.”
Ether price also rose by 5.85 percent in the last 24 hours as the asset followed BTC’s trajectory. At the time of writing, ETH was trading at $3,602. As Patel highlighted, “the beginning of the resolution of the U.S. government shutdown has definitely improved the market sentiment.”
Over the weekend, the U.S. The Senate passed an agreement guaranteeing a Republican vote on a Democratic bill to extend Affordable Care Act tax credits before their December expiration. As per report, this step marked the first step in the process of what could end the longest-ever U.S. government shutdown that started on October 1.
A majority of altcoins broke out of their slumber on Monday. These include XRP and Solana – both of which logged gains within the range of five to seven percent in the last 24 hours after having traded in losses for over a week.
Tron, Dogecoin, Cardano, Chainlink, Stellar, and LEO registered gains within the range of two to ten percent whereas Zcash grew in price by nearly 20 percent to trade at $657, data by CoinMarketCap showed.
The overall crypto market cap surged by 4.70 percent over the last day, bringing valuation to $3.58 trillion. The score of 29 on the Fear and Greed Index, however, still indicates the sentiment of cautious fear among investors.
“Momentum indicators hint at seller exhaustion, while on-chain data shows strong wallet accumulation. The market currently reflects cautious optimism and technical repositioning after recent overextension,” Sathvik Vishwanath, the Co-Founder and CEO of Unocoin told CoinHeadlines.
Hedera, Toncoin, Cronos, and Bitget Token are among a handful of crypto assets that registered minor losses on Monday.
The market is expected to undergo more volatility, especially after the U.S. President Donald Trump announced that most Americans would receive $2,000 each as dividend from his tariff policies, triggering a wave of reactions and questions from market participants.
Analysts are keenly observing the ongoing developments in the U.S., strongly advising traders to tread lightly.