Key Takeaways
Why was crypto on the rise today?
The combination of a possible end to the government shutdown and Trump’s “tariff dividend” proposal led to bullish short-term sentiment.
Which sectors and assets were the biggest winners?
ZCash and XRP were some of the standout major players of the past 24 hours, and the privacy sector was solidly bullish.
The crypto ecosystem saw strong gains in the early hours of November 10.
Bitcoin [BTC] rose 4% from $101.9k to $106k. The rest of the market followed, with varying amounts of greenery.
The reason behind these gains was likely due to two things.
The first was the rise in stock futures prices in recent hours. CNBC reports this that S&P Futures rose 0.76%, and Dow Jones Industrial Average futures rose 0.24%, while Nasdaq-100 futures rose 1.29%.
As the clouds of uncertainty began to clear, hope for an end to the government shutdown appeared on the horizon. Investors kept an eye on lawmakers’ efforts to pass a federal funding bill that would end the shutdown.
A bipartisan bill was being debated in the Senate that would reopen the government and also reverse some of the recent massive federal layoffs.
Another reason was President Trump’s post on Truth Socialtalking about sending money directly to Americans in the amount of $2,000, labeled as a “tariff dividend.”
Memes remain in the background, the privacy sector has advanced by leaps and bounds
These factors have helped explain the rise in short-term bullishness.
Ripple [XRP] was one of the biggest gainers among assets with a market cap of over $20 billion, up 8.59% in 24 hours compared to Ethereum’s [ETH] 5.31% and that of Solana [SOL] 4.4%.
Data showed that zero knowledge certificates (ZKPs) were among the biggest winners, with an average gain of 12.5%, led by the insurmountable ZCash [ZEC].
Moreover, DeFi tokens also saw growth. The lending protocols saw a gain of 6.6%, led by Aave [AAVE]which rose 10.3%. This could be related to expectations of new liquidity.
The last time the US government handed money directly to its citizens was the COVID stimulus package, which was shortly followed by a DeFi summer in 2020.
Other sectors stable but lagging
The Layer-1 and memecoin sectors recorded decent gains of 4.1% and 3.8% respectively, according to figures. CoinMarketCap facts.
Still, the sector rotation suggests that capital inflows were selective and favored privacy and loan tokens. Investors can continue to monitor sector-specific flows to gauge where relative strength increases next.