Solana, XRP Lead Crypto Market Decline as U.S. Traders Pause for Presidents’ Day
Cryptocurrency markets saw a broad selloff on Monday, with Solana (SOL) and XRP leading the decline as traders took profits and awaited fresh catalysts. The downturn coincided with the U.S. market holiday for Presidents’ Day, leaving crypto price action largely driven by global sentiment.
SOL and XRP each dropped 4%, while Bitcoin (BTC) slid 1.1% and Binance Coin (BNB) dipped 0.5%. Dogecoin (DOGE) lost 3%, while Ethereum (ETH) and Cardano (ADA) bucked the trend, gaining 2% by midday in European trading.
Mid-cap token Jupiter (JUP) took a heavy hit, plunging 9% amid mounting concerns over its ties to the controversial LIBRA token. The LIBRA project, briefly endorsed by Argentine President Javier Milei, collapsed shortly after launch, triggering legal scrutiny over its operators.
The CoinDesk 20 Index (CD20), which tracks the largest digital assets by market capitalization, slid 1.29%, reflecting the broader weakness across the sector.
Lack of Major Catalysts Leaves Crypto Markets in a Holding Pattern
With no significant crypto-specific news driving the market, analysts suggest price action is being shaped by macroeconomic factors. Singapore-based QCP Capital noted that, despite ongoing uncertainties surrounding tariffs, inflation, and U.S. fiscal policy, market volatility remains historically low.
“Bitcoin’s correlation with equities remains strong, and implied volatility is still near its lows,” QCP Capital said in a market update. “Despite unpredictable macro factors—including Trump’s stance on tariffs—crypto traders seem to be waiting for concrete policy shifts rather than reacting to broad narratives.”
Bitcoin’s open interest (OI)—a key indicator of futures and options activity—has not seen a significant rebound since January’s contract expirations, suggesting a cautious market environment.
Options market data from Deribit shows the $110,000 BTC call option has been a popular trade this month, even as Bitcoin continues to trade within a narrow range below $100,000.
Institutional Investors Keep Bitcoin Steady Amid Altcoin Volatility
While many altcoins have suffered steep declines of 40-60% in recent weeks, Bitcoin has maintained relative stability, hovering in the $96,000-$97,000 range. This resilience is widely attributed to increasing institutional ownership.
“Bitcoin’s investor base has shifted toward institutions, which has helped stabilize its price compared to altcoins,” said Jeff Mei, COO of Taiwan-based crypto exchange BTSE, in a message to CoinDesk. “This trend is likely to persist in the coming months.”
With traders positioning themselves for the next major move, Bitcoin’s resilience could serve as a signal for broader market sentiment in the weeks ahead.
