The cryptocurrency market roared back to life following the Thanksgiving holiday, with leading digital assets posting impressive gains as traders returned to their screens. Bitcoin, the world’s largest cryptocurrency, surged past $97,000, reaching an intraday high of $97,835, continuing its relentless pursuit of the highly anticipated $100,000 milestone. This upward trajectory follows a period of consolidation last week, where it briefly flirted with the six-figure mark before experiencing a slight correction.
Ethereum, the second-largest cryptocurrency, also saw positive movement, trading in the $3,700 range. This follows a remarkable week that saw ETH surge over 12%, demonstrating sustained strength in the market. Interestingly, the dominance of both Bitcoin and Ethereum slightly decreased as other altcoins capitalized on the upward momentum and expanded their market share. This diversification within the crypto space highlights the evolving dynamics of the market.
Despite the overall positive trend, the market witnessed a total cryptocurrency liquidation of $294 million within the past 24 hours. However, it’s noteworthy that short liquidations outweighed long liquidations, suggesting a potential shift in market sentiment. Furthermore, Bitcoin’s Open Interest (OI) showed a healthy increase of 1.82% over the same period, indicating growing investor engagement, with a noticeable surge in traders taking long positions compared to short positions. The Cryptocurrency Fear & Greed Index reflected a slight decrease in ‘Extreme Greed’ sentiment, dropping from 81 to 80, still indicating a largely bullish market sentiment.
Several altcoins also exhibited remarkable growth. Hedera (HBAR) led the pack with a staggering +27.62% increase, reaching $0.2153. Kaia (KAIA) followed closely behind with a +26.68% surge to $0.2619, while Litecoin (LTC) also saw significant gains, rising +22.65% to $126.55. This impressive performance from altcoins underscores the broad-based optimism currently prevalent in the crypto market.
The global cryptocurrency market capitalization reached $3.48 trillion, reflecting a robust 1.67% increase over the last 24 hours. This positive crypto market performance contrasts somewhat with the slightly negative movement observed in traditional markets overnight. Stock futures edged lower, with the Dow Jones Industrial Average Futures dropping 0.11%, the S&P 500 Futures falling 0.12%, and Nasdaq 100 Futures dipping 0.18%. Despite these minor downturns, it’s worth noting that November was a record month for blue-chip indexes, fueled by the recent election results, with the Dow Jones Industrial Average and the S&P 500 rallying 6.80% and 5.20%, respectively.
Looking ahead, this week’s focus will be on the crucial November jobs report, slated for release on Friday. This report will play a key role in determining the Federal Reserve’s monetary policy decisions, particularly its course of monetary easing, ahead of the upcoming FOMC meeting later in the month. This could have implications for both traditional and cryptocurrency markets.
Prominent cryptocurrency analysts are also weighing in on Bitcoin’s potential. Rekt Capital pointed out Bitcoin’s attempts to break through the bull flag resistance, suggesting that a daily close above ~$97,450 could propel the cryptocurrency closer to the $100,000 mark. Kingpin Crypto highlighted the historically bullish nature of December for Bitcoin, particularly during halving years, further fueling optimism about Bitcoin potentially closing above $100,000 this month. These expert analyses add further weight to the optimistic outlook for Bitcoin in the near term.
