The broader crypto market rebounded on Nov. 10, with bitcoin and altcoins rising by an average of 4%, lifting total market capitalization from $3.513 trillion to $3.68 trillion in just 24 hours. The rally mirrored gains in global markets amid growing optimism that the longest U.S. government shutdown on record may soon end.
Bitcoin ( BTC), which had slipped below $100,000 last week, surged to $106,600, pushing its market cap back above $2.1 trillion. According to the latest QCP report, the rebound was notable as long‑time holders (“OGs”) offloaded hundreds of millions of dollars in BTC. Analysts said the market’s ability to absorb this supply pressure echoed past cycles such as Silk Road and Mt. Gox, underscoring deeper liquidity.
Researchers at QCP and other analysts pointed to reports of a government funding deal reached by U.S. lawmakers on Nov. 9 as the primary driver of the bounce. The agreement, backed by Republicans and a group of Democratic senators, sets up a December Senate vote on extending healthcare subsidies—a key Democratic priority. The deal must still pass the House of Representatives before government services can resume.
Altcoins also rallied strongly. XRP led with an 11.7% gain in 24 hours, briefly hitting $2.53. Ethereum ( ETH) climbed above $3,600 for the first time in nearly a week, while solana ( SOL) rose 7.2%, DOGE gained 6%, ADA advanced 8.6%, and HYPE added 8%. Privacy coin ZEC reached $654, and XLM also posted double‑digit gains.
The prospect of a government reopening boosted WLFI, a digital asset linked to the Trump family, which jumped 30% to $0.16.
Bitcoin’s recovery reignited bullish sentiment, with some traders projecting a move toward the $108,000–$109,000 range. Influencer Ted Pillows noted:
“A reclaim of this zone will send Bitcoin towards May highs. In case of a rejection, BTC will likely retest the $104,000 level and fill the CME gap.”
- What triggered the crypto market rebound? Optimism over a U.S. government funding deal lifted bitcoin and altcoins on Nov. 10.
- How did bitcoin perform? BTC surged to $106,600, regaining a $2.1 trillion market cap despite heavy OG selling.
- Which altcoins saw the biggest gains? XRP led with 11.7%, while ETH, SOL, ADA, DOGE, ZEC, and XLM also rallied strongly.
- What are traders predicting next? Analysts see BTC testing the $108K–$109K range, with possible retests near $104K if rejected.
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