Bitcoin edged lower on Monday, easing after a weekend rally as markets awaited further signals on crypto policy from incoming U.S. President Donald Trump.
Concerns over potential distributions by the defunct Mt. Gox exchange also weighed on sentiment. Last week, a wallet linked to the exchange moved over $2 billion worth of Bitcoin—a signal often associated with impending distributions. Mt. Gox still holds billions of dollars in Bitcoin intended for creditor repayment.
The cryptocurrency slipped 0.4% to $99,439.8 as of 00:01 ET (05:01 GMT).
Trump crypto rally slows as markets await policy cues
Bitcoin surged to a record high of $103,719.4 last week, driven by optimism over crypto-friendly policies under President-elect Donald Trump.
This rally was fueled by Trump’s nomination of a crypto-supportive Chair for the Securities and Exchange Commission, as well as pro-crypto appointees to lead the Treasury and Commerce departments. Trump has pledged to introduce regulations aimed at making the U.S. the “crypto capital” of the world and has even floated the idea of a Bitcoin Strategic Reserve—a proposal met with skepticism by analysts.
While Bitcoin remains near its recent peaks, traders are now looking for more clarity on Trump’s crypto policy ahead of his January 20 inauguration.
Altcoins outshine Bitcoin amid regulatory optimism
Altcoins have outpaced Bitcoin in recent weeks, benefiting from expectations that regulatory clarity will shift market focus toward broader blockchain use cases. XRP surges on hopes of SEC lawsuit resolution
XRP emerged as a standout performer, soaring to six-year highs amid speculation that the SEC might dismiss its long-standing lawsuit against Ripple as President-elect Donald Trump takes office.
The drop in Bitcoin dominance—an indicator of Bitcoin’s share in the overall crypto market capitalization—reinforced the narrative of altcoin outperformance. Data from CoinMarketCap showed Bitcoin dominance falling to a one-month low of approximately 55%.
While Bitcoin’s rally earlier this year overshadowed most cryptocurrencies, it also left many altcoins trading at appealing discounts, setting the stage for a recent rebound.
Crypto prices today: Altcoins slip alongside Bitcoin
Despite outperforming Bitcoin in recent weeks, major altcoins also experienced a pullback on Monday, mirroring Bitcoin’s cooling momentum.
Ether, the second-largest cryptocurrency, declined 1% to $3,939.69, while XRP, now the third-largest crypto, edged 0.5% lower to $2.4821.
Other notable altcoins, including Solana, Cardano, and Polygon, dropped between 1.6% and 2.5%. Among meme tokens, Dogecoin saw a sharper decline, falling 4.6%.
