Bitcoin Rallies Past $110K on BlackRock Bitcoin Spot ETP, Chainlink and XRP Outshine the Market

The cryptocurrency market saw a pronounced surge on November 20, driven by groundbreaking developments that sent shockwaves through the industry. Notably, the launch of BlackRock’s Bitcoin spot Exchange Traded Product (ETP) on the London Stock Exchange ignited bullish momentum, pushing Bitcoin (BTC) beyond the much-anticipated $110,000 threshold for the first time. Simultaneously, top altcoins such as Chainlink (LINK) and XRP delivered remarkable outperformance, supported by favorable market catalysts.

BlackRock’s Bitcoin Spot ETP Fuels Confidence; MicroStrategy Doubles Down

As global markets reacted to BlackRock's pivotal move, Bitcoin climbed to $110,972.01 by 4:45 PM EST, representing a daily increase of 1.83%, according to CoinMarketCap data. BlackRock’s spot Bitcoin ETP marks a significant development, offering UK investors access to Bitcoin in increments of around $11, and signaling an era of growing institutional participation under a regulated framework—an announcement that resonated with bullish enthusiasm.

Adding to the bullish momentum, technology firm and Bitcoin bull MicroStrategy revealed the acquisition of 168 additional BTC, valued at roughly $18.8 million. This purchase aligns with its ongoing accumulation strategy and underscores corporate faith in Bitcoin’s long-term outlook. As a result, Bitcoin’s market dominance grew to 58.77%, while the overall cryptocurrency market cap surged 4.16% to reach $3.77 trillion.

Ethereum (ETH), in contrast, traded relatively flat at $3,981.66. However, Ethereum's derivatives market displayed notable strength, with December ETH futures climbing 4.3% to $4,050, hinting at potential upward resilience. Similarly, Bitcoin November futures rose by 4.15%, settling at $111,730, underscoring increased optimism in derivatives trading.

Chainlink and XRP Steal the Spotlight Amid Strategic Developments and Whale Activity

While Bitcoin stole headlines with its record-breaking performance, the altcoin segment witnessed standout rallies from Chainlink (LINK) and XRP. On-chain analytics provider Lookonchain reported the sudden emergence of 30 new whale wallets since October 11, collectively accumulating 6.26 million LINK tokens, equivalent to approximately $116.7 million. This major whale activity magnified investor confidence in LINK.

Catalyzing further momentum, Chainlink Labs’ Q3 report revealed its collaborative progress with leading global financial entities such as SWIFT, DTCC, and Euroclear. These partnerships aim to integrate real-world assets within blockchain ecosystems. Following these developments, Chainlink’s price saw an impressive 10% surge over the past 24 hours, establishing it as one of the best performers in the market.

XRP also emerged as a star asset, leaping 4.55% after reports that Ripple-backed Evernorth Holdings plans to go public through a $1 billion SPAC (Special Purpose Acquisition Company) merger. Upon listing under the ticker "XRPN" on Nasdaq, Evernorth Holdings intends to deploy raised capital to purchase XRP tokens and merge traditional finance with decentralized strategies. The initiative has drawn significant institutional interest, securing investment from major entities like SBI, Kraken, Pantera Capital, and Ripple co-founder Chris Larsen.

HyperLiquid (HYPE) recorded a strong 6.18% price gain, furthering its recent bullish momentum. Other notable altcoin movers included a 1.12% rise in Dogecoin (DOGE) and a modest 0.88% increase in Cardano (ADA). However, both remained down by 7–8% on a weekly basis, indicating lingering bearish pressures. On the other hand, Binance Coin (BNB) struggled, falling 1.58%, extending its recent downturn.

Bitcoin Trends: Key Support Levels and Investor Sentiment

Bitcoin demonstrated fundamental technical strength by reclaiming the 0.85 cost-basis band, a critical support level tracked by Glassnode, a well-regarded blockchain analytics firm. According to Glassnode, maintaining this level could pave the way for further upward acceleration. However, any sustained breach below it risks pulling Bitcoin’s price back to lower territories.

Market strategist Samson Mow highlighted the psychological challenge investors face in the current $100,000–$200,000 price range. Citing atypical market cycles and increased interest in alternative investments such as gold, Mow described market hesitancy. Still, his long-term outlook remained optimistic, suggesting that Bitcoin’s break past $200,000 could act as a springboard toward the significant milestone of $500,000.

Economic Factors to Watch: CPI Data, Federal Reserve Decisions, and U.S.-China Relations

Looking ahead, the broader market remains tethered to macroeconomic indicators. Investors eagerly await the release of U.S. Consumer Price Index (CPI) data, which could offer valuable insights into inflation trends. Upcoming policy signals from the Federal Reserve concerning potential interest rate adjustments are also set to play a critical role in determining market direction.

Simultaneously, global trade relations will be under scrutiny as the United States and China prepare for their upcoming trade negotiations. The outcome of these talks could influence risk sentiment across traditional and cryptocurrency markets alike.

A Riveting Turning Point in Global Crypto Momentum

The launch of BlackRock’s Bitcoin spot ETP has opened the floodgates for institutional adoption, a move that may redefine the trajectory of the cryptocurrency market. The surge of Bitcoin past $110,000, coupled with the astounding performances of Chainlink and XRP, underscores the mounting investor confidence in digital assets. Yet, as the market looks toward critical macroeconomic updates and geopolitical developments, the coming weeks will play a vital role in shaping the next phase of this ever-evolving industry. Investors and market participants should brace themselves for potential volatility while keeping a watchful eye on both crypto and traditional financial market dynamics.