Monthly losses remain high, signaling cautious trader sentiment amid recovery.
The Department of Homeland Security entered a partial shutdown early this morning when Congress missed the deadline to extend its funding. Despite the US government shutdown, the crypto prices are witnessing a notable rebound, sparking a fresh ray of hope. Top cryptocurrencies like Bitcoin, Ethereum, XRP, and Solana are rising, coinciding with the broader crypto market’s positive shift today.
Crypto Prices Defy US Government Shutdown
The global crypto market has shown a strong rebound today as top assets like Bitcoin, Ethereum, XRP, and Solana are experiencing notable surges. This comes despite volatility expectations amid the second major US government shutdown under Donald Trump’s presidency.
Currently, as per CoinMarketCap data, the crypto market is in the green zone after weeks of volatility and a downtrend. The total market cap has surged by nearly 5% over the past day, hitting $2.38 trillion. All top ten tokens have shown significant uptrends, sparking speculations about a potential market rally.
It is worth noting that these surges in crypto prices happen despite the US government shutdown. The Department of Homeland Security reportedly entered a partial shutdown as its funding ran out amid lawmakers’ failure to approve a new budget.
While some services are at risk of interruption, experts predicted a possible correction in the crypto prices. As CoinGape reported recently, experts projected that Bitcoin’s bearish trend could further deepen amid the government shutdown. Defying these expectations, the crypto prices saw a notable rebound, invoking fresh speculations.
BTC, ETH, XRP, and SOL Prices on the Rise
Despite the US government shutdown, the crypto prices are showing solid signs of recovery. . Bitcoin, Ethereum, XRP, and Solana are all trading higher, pushing the overall market into the green after weeks of uncertainty and decline. This rise comes as a surprise, especially as many expected the shutdown to add pressure and trigger further slowdown.
As of press time, the Bitcoin price is valued at $69,765, marking a remarkable surge of about 4.8% in a day. Despite a 1.7% weekly surge, the crypto is still down by a massive 27% in a month. Although the cryptocurrency has recovered, traders are not showing much interest, which is evident in the 17% decline in the 24-hour volume, currently at $37.2 billion.
Ethereum has significantly managed to hold the $2k level, now trading at $2,085, up 3.07%. While the token has soared by nearly 4% over the past week, it declined by about 37% over the last month. The trading volume has also declined by a 5%, reaching $18.83 billion.
Meanwhile, the XRP price has seen a more notable uptick over the past 24 hours. Currently trading at $1.44, the token is up by 6.16%. The altcoin has also surged by nearly 2% over the past seven days, but has slipped by a massive 31% in a month. As CoinGape reported earlier today, the XRP price is expected to rebound strongly despite the shutdown, driven by favorable market conditions.
Solana is another major token that has seen a significant resurgence today. As of press time, the token is trading at $86.25, up by a notable 8% in a day. With a marginal 0.73% weekly surge, the altcoin has plummeted by about 40% on a monthly basis. Thus, it is understood that the crypto prices are showing an unexpected strength, despite political uncertainties.
