Bitcoin continued to trade under pressure on Tuesday, slipping 0.8% to $95,928.8 amid news that the U.S. government moved nearly $1.9 billion worth of Bitcoin confiscated from the Silk Road marketplace onto Coinbase. The move unsettled investors, as such activity typically precedes a sale, adding to market uncertainty.

While Bitcoin remains close to record highs of $99,000, it has struggled to breach the $100,000 mark in recent weeks, a psychological barrier for the cryptocurrency. The sell-off follows data from Arkham Intelligence, which revealed that the government shifted about 20,000 Bitcoins, accounting for roughly 10% of its total holdings.

Despite fears of an impending sale, some analysts suggested the move might not necessarily lead to market disruption. Coinbase, which holds a custodial contract with the U.S. Marshals Service, could be facilitating other arrangements instead.

Meanwhile, altcoins showed resilience, with many outpacing Bitcoin. XRP was the standout performer, rallying 11.3% to $2.7395 and achieving a six-year high. Market speculation about a potential resolution to the SEC’s lawsuit against Ripple fueled optimism, bolstering XRP's rise.

Other altcoins such as Cardano and Polygon saw significant gains, surging 12% and 18%, respectively. Ether, the world’s second-largest cryptocurrency, experienced a slight dip, falling 1.1% to $3,653.11. Meme tokens lagged behind, with Dogecoin losing 3.8%.

Speculation around President-elect Donald Trump’s potential crypto-friendly policies added further intrigue to the market. While hopes of a Bitcoin Strategic Reserve under Trump initially sparked optimism, analysts believe his staunch support for the U.S. dollar as the world’s reserve currency makes such a move unlikely. Fiscal constraints and a Republican-led Congress focused on spending cuts also dampened these expectations.

As investors monitor Bitcoin’s performance and the broader market dynamics, altcoins continue to attract attention with their robust rallies, highlighting the diversity of opportunities in the evolving crypto landscape.