Crypto Sell-Off Led by Solana, XRP as U.S. Markets Remain Shut for Presidents’ Day.

Crypto Markets Slide as Solana, XRP Lead Declines Amid U.S. Holiday

Cryptocurrency markets saw a downturn on Monday as traders took profits and assessed potential catalysts, with U.S. financial markets closed for Presidents’ Day. Leading the declines were Solana (SOL) and XRP, both shedding 4% over the past 24 hours.

Bitcoin (BTC) dipped 1.1%, while Binance Coin (BNB) dropped 0.5%. Dogecoin (DOGE) also saw a 3% decline. Meanwhile, Ethereum (ETH) and Cardano (ADA) bucked the trend, posting modest 2% gains by midday in Europe.

Among mid-cap cryptocurrencies, Jupiter (JUP) was hit the hardest, plunging 9% amid growing scrutiny over its links to the troubled LIBRA token. The LIBRA project, briefly endorsed by Argentine President Javier Milei last week, collapsed soon after launch, with legal action now looming against its creators.

The CoinDesk 20 Index (CD20), which tracks the largest digital assets, fell 1.29%, reflecting broader weakness in the crypto market.

Traders Weigh Macro Uncertainty as Bitcoin Remains Stable

With no major crypto-specific developments driving sentiment, traders are reacting to macroeconomic trends. Analysts at QCP Capital noted that despite economic concerns—including tariffs, inflation, and fiscal policy uncertainty—market volatility remains subdued.

“Bitcoin has been surprisingly resilient in the face of macro uncertainties. Crypto volatility metrics, along with the VIX, continue to trade at their lowest levels,” QCP Capital said in a market update.

Bitcoin’s open interest (OI), a measure of outstanding options contracts, has yet to show a meaningful rebound since the January expiry. Analysts suggest traders are waiting for clearer policy signals rather than reacting to broad pro-crypto sentiment.

Data from Deribit highlights that the $110,000 call option has been a popular trade this month, though Bitcoin itself remains range-bound below the $100,000 level.

Institutional Interest in Bitcoin Remains Strong

Despite a broader downturn in altcoins—many of which have fallen 40-60% in recent weeks—Bitcoin has managed to hold above $96,000, supported by institutional investors.

“Bitcoin’s price has remained notably stable compared to altcoins, reflecting a shift in its holder base toward institutional investors. This trend is likely to continue,” Jeff Mei, COO of Taiwan-based crypto exchange BTSE, told CoinDesk via Telegram.

As traders await fresh market catalysts, Bitcoin’s relative strength could provide insight into the broader market’s next move.