Crypto Markets Dip With Solana, XRP Leading Losses as U.S. Observes Presidents’ Day.

Crypto Markets Slip as Solana, XRP Lead Losses Amid U.S. Holiday

The cryptocurrency market saw a broad decline on Monday as traders locked in profits and searched for new market drivers while the U.S. observed Presidents’ Day. Solana (SOL) and XRP led the downturn among major cryptocurrencies.

SOL and XRP each dropped 4%, while Bitcoin (BTC) edged down 1.1%, and BNB Chain’s BNB declined 0.5% over the past 24 hours. Dogecoin (DOGE) lost 3%, whereas Ethereum (ETH) and Cardano (ADA) posted 2% gains as of midday in Europe.

Jupiter’s JUP took the biggest hit among mid-cap assets, falling 9% following its apparent ties to the troubled LIBRA token. LIBRA, which was briefly promoted by Argentina’s President Javier Milei as a tool to support small businesses, saw its value collapse shortly after launch. The project’s operators are now facing legal scrutiny.

The CoinDesk 20 (CD20) index, which tracks the largest cryptocurrencies by market capitalization, slipped 1.29%, reflecting the broader market trend.

Macroeconomic Influence and Bitcoin’s Stability

With no major crypto-specific catalysts, price movements are being driven by broader macroeconomic factors. “Bitcoin’s correlation with equities remains intact, and despite uncertainties around tariffs, inflation, and the debt ceiling, market volatility remains low,” QCP Capital noted in a broadcast update.

The firm also observed that Bitcoin has remained largely unaffected by recent economic data, with open interest (OI) in the crypto options market showing little recovery since January’s month-end expiry. This suggests traders are waiting for concrete policy decisions rather than reacting to general pro-crypto sentiment.

A CoinDesk analysis earlier Monday revealed that the $110,000 call option on Deribit has been the most favored options trade this month. Despite this, Bitcoin remains stuck in a tight range below $100,000.

Institutional Investors Keep Bitcoin Steady

Bitcoin’s resilience stands in contrast to the steep declines seen in many altcoins, some of which have dropped 40-60% over the past month. This stability is likely due to increased institutional adoption, according to Jeff Mei, COO of Taiwan-based crypto exchange BTSE.

“Bitcoin’s price has held strong at around $96,000-$97,000, while many altcoins have seen significant corrections. This suggests a shift in BTC’s investor base toward institutional players, a trend that is likely to continue,” Mei told CoinDesk via Telegram.