Cryptocurrency Rally Ahead of Thanksgiving: Bitcoin, Ethereum, and Dogecoin Surge

Leading cryptocurrencies have seen a notable surge as traders increase their risk appetite ahead of the Thanksgiving holiday, responding positively despite declines in the stock market.

Cryptocurrency	Gains +/-	Price (Recorded at 7:45 p.m. ET)
Bitcoin BTC/USD	+4.49%	$96,156.90
Ethereum ETH/USD	+9.94%	$3,652.83
Dogecoin DOGE/USD	+4.81%	$0.4026

What Happened: In the early hours, Bitcoin began to rise sharply, reaching an intraday peak of $97,357. This increase marked a reversal from the corrective phase that had previously stalled its journey towards the $100,000 milestone.

Meanwhile, Ethereum, which is the second-largest cryptocurrency by market capitalization, showed even greater performance, nearing a 10% increase over the last 24 hours, contributing to a 17% rise in its weekly returns — in contrast to Bitcoin's performance, which only saw an increase of 1.34% during the same time period.

Despite this bullish sentiment in the cryptocurrency sector, the past 24 hours witnessed over $261 million liquidated in positions, with downside speculation resulting in $182 million in losses.

Optimism in the market is evident, as the Open Interest — which indicates money locked in unsettled derivatives contracts — rose sharply, increasing by 14.62% for Ethereum and 2.95% for Bitcoin. Furthermore, the Long/Shorts Ratio indicates that a growing number of traders are favoring long positions as opposed to those looking to profit from declines.

According to the Crypto Fear & Greed Index, the sentiment labeled as "Extreme Greed" has strengthened from a score of 75 to 77 over the past day.

Top Gainers Over the Last 24 Hours

Cryptocurrency	Gains +/-	Price (Recorded at 7:45 p.m. ET)
Ethereum Name Service (ENS)	+64.56%	$36.36
Uniswap (UNI)	+22.28%	$13.25
Ethena (ENA)	+20.16%	$0.719

The global cryptocurrency market capitalization has now reached $3.34 trillion, following a 4.18% rise in the previous 24 hours.

In the traditional market, stock investors were seen locking in gains ahead of the Thanksgiving break. The Dow Jones Industrial Average fell by 138.25 points, or 0.31%, closing at 44,722.06, while the S&P 500 decreased by 0.38% to close at 5,998.74. The technology-heavy Nasdaq Composite also experienced a decline, dropping 0.60% to end at 19,060.48.

Economic indicators showed that the Personal Consumption Expenditures (PCE) price index, which the Federal Reserve closely monitors for inflation, rose in October but aligned with experts’ expectations. Moreover, traders were pricing in a 64.7% chance of a 0.25% interest rate cut during next month’s FOMC meeting, an increase from 59.4% the previous day.

Markets will be closed for trading on Thursday due to the Thanksgiving holiday.

Market Analyst Insights

According to CryptoQuant, a well-known on-chain analytics firm, Bitcoin’s market cycle has not yet reached the "Extreme Bull" phase, suggesting there is still room for growth. They anticipate that there will be price dips in the future, allowing new investors another opportunity to enter the market.

As of now, Bitcoin has surged by 34% in November '24, indicating a robust bullish trend. The CryptoQuant Cycle Indicator suggests that the peak of the cycle has not yet reached an extreme level, signifying potential for further price increases.

Well-regarded cryptocurrency analyst Ali Martinez has set a $6,000 mid-term price target for Ethereum, with a long-term goal of $10,000. Another analyst, Rekt Capital, emphasized the importance for Ether to achieve a weekly close above the $3,700 resistance level to pave the way for new highs not seen since late 2021.

Read Next:

• Bitcoin At $93,000—Crash Or Pause? ‘Bullish Outlook For 2025,’ According to 10x Research.

bitcoin, ethereum, dogecoin