Here’s Why Bitcoin, ETH, XRP, SOL Are Going Up Today

The broader crypto market saw a much-needed rebound on Monday, with Bitcoin price climbing 3% to above $90,000 in just a few hours. This comes amid the potential Santa Claus rally and a meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy to discuss progress on the peace deal.

Ethereum (ETH) jumps above $3,000 and other altcoins including BNB, XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and AI coins in uptrend.

Bitcoin Price, Crypto Market Rebound Following Trump-Zelenskyy Meeting

Ukrainian President Volodymyr Zelenskyy visited the United States for talks with President Donald Trump on a proposed “peace plan.” Trump said they have made progress towards ending the Russia-Ukraine war.

He also highlighted a call with Russian President Vladimir Putin ahead of the meeting with Zelenskyy. However, issues related to eastern territorial control remain.

Zelensky’s plan also included a call for $800 billion in aid to help Ukraine rebuild its infrastructure and economy after the war.

This caused Bitcoin price to climb above $90,000 amid a pullback in gold prices, triggering a broader crypto market rebound. The US Fed injecting liquidity in the markets through repo operations also fueled upside momentum.

BTC, ETH, XRP, SOL Jump Amid Santa Claus Rally Hopes

The total crypto market cap jumped more than 2% to $3.04 trillion over the past 24 hours. However, crypto trading volumes are 30% below normal. According to 10x Research, the average weekly volume remains near $80 billion, down 26% from the usual level.

“Crypto markets are entering the new year with activity at cycle lows, yet derivatives positioning is quietly sending a very different signal,” 10x Research said on December 29.

Implied volatility is overall shrinking, funding rates are rising, and leverage is still a bit high, even though trading volumes and participation keep dropping in the holiday season.

Moreover, ETF flows, stablecoin activity, and futures positioning are no longer aligned. The research firm claimed this is making the crypto market look calm, but it is becoming increasingly fragile.

Options markets are changing in ways that usually come before major shifts, not just a continuation of current trends. With bears missing amid lower trading volumes, bulls are driving the prices higher for a potential Santa Claus rally.

At the same time, technical indicators are approaching levels where even small price moves could lead to larger changes in how investors allocate their funds.

At the time of writing, Bitcoin price is trading at $90,098, with an intraday low of $87,394 and a high of $90,299. Last week, Bitcoin funding rate increased by 3.7% to 8.9%, putting it in the 57th percentile for the past year.

10x Research noted that funding rates are slightly higher as futures positions continue to unwind in an orderly manner. Futures open interest dropped by $500 million to $27.3 billion.

Meanwhile, the Ethereum funding rate went up by 3.4% last week to 6.9%, which is in the 34th percentile for the past year. ETH price is trading 4% higher at $3,040.

“Our model currently favors Bitcoin over altcoins and expects Bitcoin to outperform. The model is just 0.1% away from switching to Bitcoin dominance,” the firm added.

XRP price climbs 2% above $1.90 and Solana (SOL) price jumped more than 3% toward $130. Analysts expect the crypto market to remain range-bound rather than rally due to multiple headwinds.