XRP Leads Altcoin Charge With 44% Weekly Gain as Bitcoin Reclaims $18,000 After Thanksgiving Crash

TL;DR

• Bitcoin recovered to $18,000 after a $3,000 crash on Thanksgiving Day, November 26
• XRP surged 9.46% in 24 hours and 44.34% over the week, reaching $0.61
• Global crypto market cap hit $537 billion, a 5% increase over 24 hours
• Ethereum climbed 6% daily to $551, while Cardano jumped nearly 17%
• XRP ultimately gained 169% across November, leading all major cryptocurrencies

The final weekend of November 2020 delivered a dramatic rebound across cryptocurrency markets, with XRP emerging as the standout performer as Bitcoin reclaimed the $18,000 level following a violent Thanksgiving crash that had wiped $3,000 from its price in a single day.

Bitcoin’s Thanksgiving Rollercoaster

November 26, 2020, was a day many crypto traders would rather forget. Bitcoin suffered a sharp sell-off, plunging $3,000 as a combination of profit-taking, leverage unwinding, and thin holiday liquidity amplified downside volatility. The crash was severe enough to push nearly 1,000 so-called “wholecoiners” — addresses holding at least one full Bitcoin — off the map as positions were liquidated.

But the recovery was equally swift. By Friday, November 27, Bitcoin had started climbing from lows near $16,700, and by Saturday, November 28, the largest cryptocurrency was once again trading around $18,000. The 24-hour trading volume reached $36.2 billion, an 8.1% increase from the previous day, signaling strong buying interest returning to the market.

Bitcoin’s monthly performance told an even more impressive story. The cryptocurrency had surged from approximately $10,500 in early October to nearly $20,000 by late November — a move that would soon culminate in a new all-time high.

XRP Steals the Show

While Bitcoin dominated headlines, XRP was quietly putting together one of the most impressive rallies of any major cryptocurrency in 2020. On November 28 alone, XRP gained 9.46% to reach $0.61, according to data from Decrypt. Over the preceding week, XRP had surged 44.34%, significantly outperforming every other top-ten cryptocurrency.

The monthly numbers were even more staggering. XRP gained 169% across November, leading all major digital assets by a wide margin. The rally propelled XRP’s market capitalization to $28.37 billion, making it the third-largest cryptocurrency behind Bitcoin and Ethereum. The 24-hour trading volume for XRP reached $17.17 billion, reflecting intense market participation.

Broad Altcoin Momentum

XRP wasn’t the only altcoin catching bids. Ethereum added 6% over 24 hours to reach $551, continuing its own march higher in anticipation of the ETH 2.0 Beacon Chain launch scheduled for December 1. Cardano posted a remarkable 16.85% daily gain, and Dash surged 18%, according to Kraken’s daily market report.

The global cryptocurrency market capitalization reached $537 billion on November 28, representing a 5% increase over the previous day. Bitcoin accounted for $335 billion of that total, or approximately 62% dominance — a figure that, while still dominant, was beginning to feel pressure from the surging altcoin market.

Market Structure Shifts Under the Surface

The breadth of the rally across multiple altcoin categories — from large-caps like XRP and Cardano to mid-caps like Dash — suggested that the market was experiencing more than just a Bitcoin-led tide lifting all boats. Ethereum and XRP’s market dominance rose 1.1% and 2.6% respectively during November, according to CoinGecko’s monthly report, indicating genuine capital rotation into alternative assets.

For context, Bitcoin had gone from roughly $10,500 to $18,000 in under two months, a 71% increase. But XRP’s 169% monthly gain and Ethereum’s 50% November appreciation showed that capital was flowing broadly across the crypto ecosystem, not just concentrating in the largest asset.

Why This Matters

The November 28, 2020, market action was a microcosm of the late-2020 bull run’s defining characteristics: extreme volatility followed by rapid recovery, altcoins outperforming Bitcoin on a relative basis, and massive volume supporting price movements. XRP’s dominance of the monthly leaderboard would prove short-lived — the SEC’s lawsuit against Ripple was announced just weeks later on December 22 — but on this particular Saturday, the altcoin market was firing on all cylinders. The Thanksgiving crash and subsequent V-shaped recovery demonstrated the market’s resilience and set the tone for the explosive moves that would carry into early 2021.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.