Bitcoin and XRP Under Pressure After Sharp Rally, ETH Remains Stable.
The price of Bitcoin (BTC) weakened on Tuesday (November 5th), after briefly breaking through the psychological level of US$111,000 at the end of last week. Selling pressure increased as investors took profits amid a strengthening US dollar and easing inflows into crypto-based ETFs.
Market data shows Bitcoin briefly dropped to around US$101,000, although it still recorded significant gains over the past week. Some analysts warn that the medium-term support level around US$98,000 needs to be maintained to maintain bullish momentum.
"The market is starting to be more cautious after the big rally of the past few weeks. If pressure from the US dollar continues, the correction could deepen," said an analyst from CoinDesk.
Nevertheless, Bitcoin's perception as a hedge against global economic uncertainty remains a key supporting factor in the medium term.
XRP Weakens, New Supply Pressures Market Sentiment
The XRP token weakened to around US$2.20 on Tuesday (November 5th), after Ripple Labs released 1 billion XRP tokens from escrow earlier this month. This move sparked concerns about potential short-term supply pressure in the market.
Throughout October, XRP weakened nearly 11%, although it showed signs of a rebound in early November. Analysts believe volatility remains high, especially as most retail investors await new fundamental signals from Ripple and US regulators.
"Selling pressure could increase if the market does not see new positive catalysts in the near term," stated a report from BraveNewCoin.
However, some market participants still see potential for a medium-term recovery if XRP adoption in the cross-border financial sector continues to grow.
Ethereum Stabilizes, Market Eyes Network Upgrade and Institutional Inflows
The price of Ethereum (ETH) traded steadily in the US$3,200–3,400 range on Tuesday (November 5th), amid growing investor attention to the planned major hard fork scheduled for this month.
The upgrade, known as "Fusaka," will introduce 11 improvement proposals (EIPs) focused on improving network efficiency and scalability. Market participants view this update as a crucial step in strengthening Ethereum's position in the DeFi and asset tokenization sectors.
Furthermore, reports indicate an increase in institutional inflows into the asset during October, with over 550,000 ETH recorded on major crypto investment platforms.
"Ethereum has solid prospects, but the market is still waiting for concrete evidence of improved network performance post-upgrade," said an analyst from AInvest Research.
Source: Newsmaker.id
