Key Market Movements
- Bitcoin (BTC) briefly surpassed $97,000 before settling near $95,500, fueling speculation about a $100,000 milestone.
- Ethereum (ETH) led altcoin gains with a 7% surge, driven by heightened on-chain activity and futures trading volume.
- XRP and BNB Chain rose 6%, while Dogecoin (DOGE) climbed over 5%.
Thanksgiving Weekend: A History of Volatility
Crypto markets historically experience unexpected price swings during Thanksgiving. This year, BTC’s 3.3% daily gain sets a bullish tone, though traders remain cautious.
Ethereum’s Resurgence
Recent data highlights Ethereum’s growing traction:
- Record-high futures open interest: 6.32M ETH ($27B), signaling trader anticipation of volatility.
- Increased network activity: Rising fees, revenue, and new wallet creations suggest sustained demand.
👉 Why Ethereum’s metrics hint at a bullish future
Altcoin and DeFi Performance
- DeFi tokens (AAVE, UNI) jumped 9%, while memecoins (PEPE, MOG) surged 8%, often acting as leveraged bets on ETH’s price.
- QCP Capital reports note shifting capital flows toward ETH, with the ETH/BTC pair rising 13% from post-election lows.
Macroeconomic Tailwinds
Market optimism followed President-elect Trump’s nomination of Scott Bessent—a crypto-friendly hedge fund manager—as Treasury Secretary. Analysts credit Bessent’s pro-market stance for boosting risk assets.
Bessent’s Crypto Advocacy
- Called crypto “about freedom” in a July interview, emphasizing its appeal to younger investors.
- Former Soros Fund Management executive, known for macroeconomic foresight.
FAQ
Q: Why did Bitcoin dip after hitting $97,000?
A: Profit-taking and pre-holiday caution likely triggered the pullback to $95,500.
Q: What’s driving Ethereum’s outperformance?
A: Surging futures interest, network upgrades, and DeFi activity are key catalysts.
Q: How does Scott Bessent’s appointment affect crypto?
A: His market-friendly approach could temper regulatory risks, fostering investor confidence.
👉 Explore crypto market trends in real-time
Disclaimer: This content is for informational purposes only. Cryptocurrency investments are volatile and high-risk.
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